James Cai explains the Irrevocable Life Insurance Trust ("ILIT") in this highly detailed article. He outlines the substantial potential estate tax benefits from a properly constructed ILIT. Mr. Cai also, of course, explains how to properly set up and maintain an ILIT. He also deals with special instructions for interest, dividends, policy loans, special power of appointment, taxes, and end of year trustee services.
This summary is short, but Mr. Cai goes very in depth into ILITs in this article.
- Summary by FizzLaw Team
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Understanding the Irrevocable Life Insurance Trust