An Irrevocable Life Insurance Trust, or ILIT, goes above and beyond life insurance policies. After all, many people purchase life insurance policies to protect their loved ones if something happens to them and they pass away. Beneficiaries can use life insurance benefits to… Cover funeral and burial expenses Pay off debts Cover expenses after lost financial support Pay for college tuition or other large expenses, and more However, did you know that life insurance policies can also cause certain estate planning issues for some people? An Irrevocable Life Insurance Trust can pick up where life insurance leaves off Potential problems … Continue reading What is an Irrevocable Life Insurance Trust?