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Irrevocable life insurance trust

Term · Law · MLC-T-LAW-005363

A legal arrangement, often abbreviated as ILIT, designed to own a life insurance policy and remove its value from the grantor's taxable estate. Once established, the grantor cannot alter or revoke the terms of the trust. This structure can reduce estate taxes and provide liquidity for estate expenses.

Table 1. Record
IdentifierMLC-T-LAW-005363
FieldLaw
AbbreviationILIT
Record as JSON 
{
  "id": "MLC-T-LAW-005363",
  "term": "Irrevocable life insurance trust",
  "field": "Law",
  "definition": "A legal arrangement, often abbreviated as ILIT, designed to own a life insurance policy and remove its value from the grantor's taxable estate. Once established, the grantor cannot alter or revoke the terms of the trust. This structure can reduce estate taxes and provide liquidity for estate expenses.",
  "abbreviation": "ILIT",
  "url": "https://mlchart.com/terminology/law/irrevocable-life-insurance-trust/"
}

Record 2,717 of 5,441 in Law terminology (MLC-0107). Request the full dataset.