Irrevocable Life Insurance Trusts

This type of trust is concerned with wealth generated after death.

The idea of an Irrevocable Life Insurance Trust is to remove the policy proceeds from one's taxable estate. An Irrevocable Life Insurance Trust avoids estate taxes because it is a separate legal entity in which the individual retains no interest. In order to obtain this benefit, however, one must forfeit all control and ownership rights to the life insurance policies held in such a trust, which is why the trust is "irrevocable."

To decide if an irrevocable life insurance trust is appropriate for your situation, consult an experienced Wills and Estates attorney. Attorneys at The Law Offices of Lloyd J. Nadel are at your service at (877) NY LAW 50.