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What are Irrevocable Life Insurance Trusts?

Life insurance is often the primary means of creating financial protection for your spouse and children after your death. Many people choose to set up an Irrevocable Life Insurance Trust, or ILIT to buy and hold the life insurance.  The ILIT allows the death benefit of a life insurance policy to be held in trust for the benefit of the surviving spouse and/or children after the insured person’s death. Importantly, a well-designed ILIT keeps the life insurance proceeds free from the burden of estate taxes. With the proper planning, an ILIT will protect life insurance proceeds from estate taxes, while providing a vehicle to transfer the proceeds to your beneficiaries when appropriate without undue difficulty.

Buying life insurance through an ILIT, like all legal matters, is personal to you and your financial situation and it’s a step you should only take after consulting your attorney.  At Certilman Balin, our Estate and Tax Planning Team is dedicated to helping you prepare your finances for your beneficiaries.  No matter how simple or sophisticated, our team of experts will help you forge a path to provide for the financial security of your loved ones.

If you are considering an Irrevocable Life Insurance Trust, contact our Estate and Tax Planning Team today and help preserve your wealth for the next generation.