Irrevocable Life Insurance Trusts

An Irrevocable Life Insurance Trust (ILIT) is a trust set up with the only purpose of being owning a life insurance policy. You should consult with The Law Offices of Deborah Azar, P.C. to see if an Irrevocable Life Insurance Trust is the right trust for you.

When you put your life insurance into an irrevocable trust of this type, the proceeds of the policy when you die will not be subject to estate tax. This reduces the amount of your estate and can give your beneficiaries a way to pay for the estate taxes.

When you set up an Irrevocable Life Insurance Trust you can transfer ownership of an existing life insurance policy to the ILIT after it has been formed, or the trust can obtain the policy.

With an ILIT, the trust is designated as the primary beneficiary of your life insurance policy. When you die, the life insurance policy pays to the trust and the beneficiaries you designate in the trust will receive the money at the time you specified in the trust.

You need expert advice from an attorney in order to set up a trust. You will need help determining what type of trust is better for your circumstances, assets and plans. You also want expert advice and guidance throughout the process so that you end up with a document that reflects your vision and achieves your goals.

Contact The Law Offices of Deborah Azar, P.C. to start planning and stop worrying.