25Nov
The Irrevocable Life Insurance Trust
Author: A. O. Headman An irrevocable life insurance trust, or ILIT, is a trust that a person creates to exclude insurance proceeds from that person’s taxable estate. Insurance proceeds are not subject to income tax, but if at your death you hold any “incidents of ownership” over an insurance policy on your life, the insurance proceeds […]
- On November 25, 2012 Read More