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Find out more about Everplans » By establishing an ILIT and paying policy benefits directly into an Irrevocable Trust, beneficiaries are shielded from the income and estate taxes that come from directly receiving proceeds from Life Insurance policies.

In order to create an ILIT, you must establish an Irrevocable Trust, typically with the trustee being your spouse or children and the beneficiaries of the trust being your spouse or children.

The insurance policy is then transferred to the Trustee of trust, meaning that you no longer own the policy and thus can no longer count any future payouts from the policy among your assets.

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(a)), for imposition of a constructive trust, and for damages.This way, the beneficiaries of the trust can receive the benefits of the life insurance policy without having to pay income or estate taxes.There are many moving parts and small things to pay attention to when setting up an ILIT, but it can be hugely beneficial to your family.Lost ownership and control The disadvantages of an irrevocable trust are that (1) you cannot change your beneficiaries, and (2) once you have donated the asset you have lost ownership, and therefore control, of that asset forever.So a decision to set up an irrevocable trust is one that has to be carefully considered and not lightly made.You have to be careful that inclusion of assets in an irrevocable living trust does not impair the legitime; otherwise, the donation may be reduced or invalidated, and newspaper readers will be entertained by the sibling variant of the scion-on-the-car hood scenario.