The primary objective of an irrevocable life insurance trust (ILIT) is to remove the life insurance proceeds from appearing in the insured owner's estate assets. Therefore, when the ILIT testamentary document is drafted, it should be ensured that the insured does not retain or hold any life insurance policies whose mention appears therein. Moreover, the insured should not possess any powers over the ILIT or its trustee that would result in the life insurance policy or the ILIT being included in the insured owner's estate for tax purposes.
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[Source: Finance: Estate Plan Trusts Articles from EzineArticles.com - Posted by FreeAutoBlogger]
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