Legal Articles

Irrevocable Life Insurance Trusts ("ILIT")

Previously, I posed about Life Insurance Trusts (“ILITs”) and how they are often used in conjunction with Revocable Living Trusts. In that same post, I briefly mentioned ILITs without delving into detail. Let’s do that now. Pursuant to Internal Revenue Code Section 2038, property of a revocable trust will be included in the Settlor’s estate,…

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