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Irrevocable Life Insurance Trust (ILIT) Example
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Text in this example:
Gifts of Cash into Trust to Pay Premiums Irrevocable Life Insurance Trust For Heirs After Death 1 2 3 4 1 Trustee pays insurance premium 2 Life insurance proceeds 3 Notice of right to gift 4 Refusal of gift Trustee distributes proceeds according to trust direction after death.
No estate tax and no probate.
No estate tax and no probate.