Irrevocable Life Insurance Trusts, or ILITs, offer financial advisors a versatile financial instrument designed to protect clients' assets and provide for beneficiaries in a tax-efficient manner. One of the primary advantages of ILITs is their ability to exclude life insurance proceeds from a client's taxable estate, potentially saving heirs a significant amount in estate taxes.
Estate planning can be stressful and overwhelming so it is important to provide your clients with the most effective tools to achieve their goals. The Irrevocable Life Insurance Trust, or ILIT, is one of the most common estate planning techniques in use today. It removes the death benefit of a life insurance policy from the