Irrevocable Life Insurance Trust

Definition of "Irrevocable life insurance trust"

Anita Ruiz
  BerkshireHathway Home Services

Estate planning device used so that any life insurance policies that are owned by and paid to the trust will avoid estate tax upon the death of the insured, and, upon the death of the insured's spouse, estate taxes will be avoided as well. The requirement of this trust are: it must be irrev

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