A Life Insurance Trust is a form of irrevocable trust or otherwise called an Irrevocable Life Insurance Trust ("ILIT") that is designed for the ownership of life insurance. The purpose of an ILIT is to shelter life insurance proceeds from the federal or state estate tax.
Estate tax planning is a critical part of estate planning for high networth families. Estate taxes are taxed at a very high rate and therefore, planning against the estate tax is a legitimate goal for married couples.
Sean Robertson is an estate planning and estate taxation attorney based in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Sean Robertson is Managing Partner of Robertson Law Group, LLC.
The first stage is to approach an insurance company that offers the type of insurance cover that you require and ask for an insurance quote. The insurance quotes will give you the cost of an insurance premium and this will vary depending upon personal circumstances and the insurance providers risk assessment of how likely you are to make a claim on the policy.
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