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12 FAQs About Irrevocable Life Insurance Trusts

Are you considering buying life insurance to protect your family in the event of your untimely passing? Our 8-page guide discusses the ins and outs of irrevocable life insurance trusts and whether you need one, including the following:

  • What is an irrevocable life insurance trust?
  • Why should you consider including an irrevocable life insurance trust in your estate plan?
  • What IRS requirements must an irrevocable life insurance trust satisfy to keep the policy proceeds out of your estate?
  • Does an irrevocable life insurance trust offer any benefits other than minimizing estate taxes?
  • Who can serve as the trustee of an irrevocable life insurance trust?
  • Who can the beneficiaries of an irrevocable life insurance trust be?
  • How are the premiums for the life insurance that is held by an irrevocable life insurance trust paid?
  • What are the drawbacks of an irrevocable life insurance trust?
  • What if you no longer want or need the irrevocable life insurance trust or change your mind about the terms of the trust? Is it really irrevocable?
  • Are there alternatives to an irrevocable life insurance trust that will keep the proceeds of the policy out of my estate?
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