Irrevocable Life Insurance Trust
http://insureme.us/irrevocable-life-insurance-trust/
An Irrevocable Life Insurance Trust or ILIT is an irrevocable trust that holds a life insurance. As the term irrevocable implies, this kind of trust can’t be changed or amended once it has been signed. The assets that you have put there will stay there and the beneficiaries or trustees cannot be changed- you cannot add or delete. The only way it can be changed is if the trustee resigns or dies. When you establish your ILIT, you transfer your life insurance ownership to your ILIT beneficiaries or trustee.
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