Irrevocable Life Insurance Trust, also commonly referred to as an ILIT, is an irrevocable Trust designed to protect and shelter life insurance benefits. This Trust must be created during the lifetime of the policy holder and can control term life insurance policy, but more often whole life insurance policy. And Revocable Trusts can also be changed, amended, or revoked during the lifetime of the trustmaker or trustmakers. However, they typically cannot be changed, amended, or revoked after they are created.
Putting Life Insurance in Your Trust | Estate Law Atlanta
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