This episode focuses on the fundamentals of Irrevocable Life Insurance Trusts (ILITs). We spoke with trust expert, Janet Tempel, Senior Trust Officer at Peak Trust Company to cover:
- What is an Irrevocable Life Insurance Trust?
- What are the benefits of using an ILIT?
- How should the attorney/trustee work together to set expectations with clients about the process of setting up an ILIT?
- How do tax returns for an ILIT work?
- And much more…