An ILIT is an irrevocable trust designed to own life insurance.
(It's generally an irrevocable trust funded exclusively — or in large part — by a life insurance policy).
It is an irrevocable trust involving the use of life insurance, which will generally be excludable from the donor's estate.
Shares issued in an irrevocable trust as provided in Section 6 of this article are not subject to withdrawal restrictions except as stated in the trust agreement.
When shares are issued in an irrevocable trust, either the settlor or the beneficiary must be a member of this credit union.
The shares can also be put in a trust by the parents — for example, in a personal residence trust or an irrevocable trust — to protect the apartment from being included in their estate.
Then, in November 2002, Mr. Dunning arranged for the limited partnerships to be held by an irrevocable trust, of which he was the trustee and his son the successor.
For purposes of this section, shares issued pursuant to a pension plan authorized by the rules and regulations will be treated as an irrevocable trust unless otherwise indicated in the rules and regulations.
You can make these gifts to family members directly, but it is better to use an irrevocable trust, which protects the assets from creditors, said Steven B. Gorin, a lawyer with Thompson Coburn in St . Louis
The consumers or people, the National City Bank is talking about are temperamental, with an average portfolio of seventy-fifty, the wardrobe of a plush horse, and not an irrevocable trust among them.
Last year, a father set up an irrevocable trust for his children, naming himself as trustee and reserving the power to borrow from the trust at market rates of interest.
