Irrevocable Life Insurance Trust (ILIT)

 

Irrevocable Life Insurance Trust (ILIT): A type of irrevocable trust that is specifically designed to own life insurance. Once the ILIT has been set up, the Grantor of the trust typically contributes assets to the trust by gift and the Trustee of the trust then purchases a life insurance policy on the life of the Grantor.

 

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