Life Insurance Trust
A Life Insurance Trust is an irrevocable, non-amendable trust that is both the owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the Trustee invests the insurance proceeds and administers the trust for one or more beneficiaries.
- Income from the assets can be used to pay for some or all of the premiums
- Insurance Trusts may be funded or non-funded. A funded Life Insurance Trust may own more than one insurance contract and have income producing assets.
- If the policy is owned by the insured, the proceeds will be subject to estate taxes
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