- irrevocable life insurance trust
-
(ILIT)See: life insurance trustCategory: Wills, Trusts & Estates → Estate Tax
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
irrevocable life insurance trust
Look at other dictionaries:
Life insurance trust — A life insurance trust is a trust that is set up for the purpose of owning a life insurance policy. The idea is that if it is an ILIT, an irrevocable life insurance trust, that the trust itself is the policy holder and owner, the payer is the… … Wikipedia
life insurance trust — A trust set up to own a life insurance policy, so that the policy proceeds arent subject to estate tax when the original policy owner dies. Life insurance trusts are usually irrevocable. Category: Wills, Trusts & Estates → Estate Tax Nolo’s Plain … Law dictionary
Insurance Trust — An irrevocable trust set up with a life insurance policy as the asset, allowing the grantor of the policy to exempt asset away from his or her taxable estate. Once the life insurance policy is placed in the trust, the insured person no longer… … Investment dictionary
Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… … Wikipedia
trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… … Black's law dictionary
United States trust law — Introduction Most law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first attempt to… … Wikipedia
trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… … Universalium
Insurance — This article is about risk management. For Insurance (blackjack), see Blackjack. For Insurance run (baseball), see Insurance run. In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a… … Wikipedia
Irrevocable Trust — A trust that can t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust. This is the… … Investment dictionary
