An irrevocable life insurance trust (ILIT) is a powerful estate planning tool that allows individuals to protect their life insurance proceeds from being subject to estate taxes. By placing a life insurance policy into an ILIT, the policy proceeds can be distributed to beneficiaries free of estate taxes, providing a tax-efficient way to pass on wealth to loved ones. Additionally, an ILIT can also provide asset protection benefits and ensure that the policy proceeds are used according to the wishes of the grantor. Consult with a financial advisor or estate planning attorney to learn more about the benefits of setting up an irrevocable life insurance trust.
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