Create a grantor irrevocable life insurance trust (ILIT) funded with annual exclusion or lifetime exemption gifts.
What does ILIT stand for?
ILIT stands for Irrevocable Life Insurance Trust
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of ILIT
We have 2 other meanings of ILIT in our Acronym Attic
- Irish Lobby for Immigration Reform (est. 2005; New York, NY)
- Imaging the Land International Research Institute (New South Wales, Australia)
- Integrated Labour Inspection System (International Labour Organization)
- Integrated Land Information System (various locations)
- Intelligent Laboratory Information System
- Intelligent Lift Interlock System (vehicles)
- International Lesbian Information Service (The Netherlands)
- Independent Levee Investigation Team (New Orleans)
- Institute for Language and Information Technologies (University of Maryland, Baltimore County)
- Institute on Laser and Information Technologies (Moscow, Russia)
- Integrated Labour Inspection Training System (UN)
- Infocomm Local Industry Upgrading Program (Singapore)
- Integrative Longevity Institute of Virginia (Virginia Beach, VA)
- I Love It When A Plan Comes Together
- I Love It When The Plan Comes Together
- I Like It When You Do That
- Indigenous Law Journal
- Industrial Law Journal (Industrial Law Society)
- Institute for Law and Justice
- Interdisciplinary Law Journal
Samples in periodicals archive:
One of the more popular estate planning techniques is an irrevocable life insurance trust (ILIT) to purchase and hold file insurance on the trust's grantors.
The goals of the beneficiary One suggestion advisors often make to their clients when it comes to life insurance is to use an irrevocable life insurance trust (ILIT) to own the policy for future beneficiaries.
Here's why: The payment of premiums on a life insurance policy can result in a potentially taxable gift, especially when owned by an irrevocable life insurance trust.
One way to do this is to put life insurance policies inside irrevocable life insurance trusts.
John Hancock Advanced Markets Group Offers Clients New Method To Fund An Irrevocable Life Insurance Trust While Reducing Taxes BOSTON, May 26, 2011 /PRNewswire/ -- The John Hancock Life Insurance Advanced Markets Group has introduced a JH Solutions module to help clients take advantage of historically low insurance rates and use arbitrage to pay premiums on an Irrevocable Life Insurance Trust (ILIT).
[ILLUSTRATION OMITTED] Life insurance can provide an "instant" source of liquidity to the estate of an owner of a closely held business, preferably when the policy insuring the business owner's life is held by an irrevocable life insurance trust (ILIT).
Douglass also suggests considering an irrevocable life insurance trust.