Irrevocable
Life Insurance Trust
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Role of a Fiduciary The Role of an Executor The Role of a Charitable Remainder Trust Trustee The Role of a Conservator The Role of a Trustee Irrevocable Life Insurance Trust |
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Irrevocable Life Insurance Trust is used to hold a Life Policy outside
of an estate in order to avoid Income and Estate Taxes. Because the
trust is a separate entity from the insurer’s estate, the Life
Insurance is not part of the net worth and therefore is not subject
to estate tax. Life insurance death benefits are not subject to income
tax. Proper use of an Irrevocable Life Insurance Trust will enable
heirs to receive the death benefit free and clear of estate and income
tax.
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