An irrevocable life insurance trust (ILIT) is a special trust designed to counteract a lot of problems that can arise relating to life insurance. One of those problems relates to a large life insurance policy that triggers unplanned estate tax consequences. Another...
Life Insurance
Consider Donating a Lapsing Insurance Policy to a Charity
It is estimated that approximately half of all life insurance policies owned by seniors will be allowed to lapse without any benefits ever being paid out other than any remaining cash surrender value. With approximately 19.2 trillion dollars of life insurance in force...
