A trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. set up to hold life insurance that is irrevocable and considered separate from the person creating the trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. and is used to exclude life insurance from the taxable gross estate at death. It is often referred to as an ILIT.
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