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Trust Solutions

An irrevocable life insurance trust (ILIT) is a trust solution used to remove the ownership and control of a life insurance policy from an estate. Life insurance can be used to fund estate taxes and final expenses upon the death of an individual. The grantor completely gives up all rights in the property transferred to the trust and retains no rights to revoke, terminate, or modify the trust in any material way.

When such a trust holds a life insurance policy, usually on the life (lives) of the grantor and/or a spouse, it's an ILIT. If withdrawal powers are given to the beneficiaries, it may also be referred to as a "Crummey trust."

Get started by reviewing the Irrevocable Life Insurance Trust Overview (PDF) (BB9616) for more details.

Important Information

For financial professional use only.


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