Life insurance is often thought of as a necessary evil. In our practice we often use life insurance as a means of creating wealth. Through the use of an Irrevocable Life Insurance Trust (often referred to as “ILITs”), you can create wealth in a way which is not overly burdensome to you during your lifetime, but which grants a financial reward to your beneficiaries at your passing.
Typically, an ILIT consists of a life insurance policy with nominal cash value. This can either be an existing policy which the ILIT will purchase from you or can be a new policy. We will help you choose a trustee to oversee the trust. We can craft the trust distribution to your design and desires. The distribution of your life insurance proceeds through an ILIT can be a powerful part of your total estate plan.
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