Special Needs Irrevocable Trust With Life Insurance
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FAQ
To put your life insurance into a trust, you'll need to create a trust deed; a legally binding document which outlines the parties that make up the trust, the trust terms, and the trust beneficiaries.
The Importance of Irrevocable Life Insurance Trusts. ILITs provide a tax-efficient way to transfer wealth to your beneficiaries outside of your taxable estate. They're also an effective mechanism for protecting legacy assets from potential creditors for both you and your beneficiaries.
An ILIT is usually established by formation of the trust, followed by the contributor (usually the insured) assigning an existing insurance policy to the trust or the trustee of the trust buying a policy directly from an insurance company. The insured retains no benefits in the trust.
The Importance of Irrevocable Life Insurance Trusts. ILITs provide a tax-efficient way to transfer wealth to your beneficiaries outside of your taxable estate. They're also an effective mechanism for protecting legacy assets from potential creditors for both you and your beneficiaries.
An irrevocable life insurance trust (ILIT) is created to own and control a term or permanent life insurance policy or policies while the insured is alive. ILITs are also used to manage and distribute the proceeds that are paid out upon the insured's death.