Irrevocable Life Insurance Trust (ILIT): An ILIT is an irrevocable Trust that is specifically designed to own life insurance policies and is generally used to reduce the size of a taxable estate. Because the Trust is irrevocable the policy owner will be giving up all ownership rights to the policy, the death benefits of the policy will not be included in the original owner’s taxable estates. All ownership rights (ability to change beneficiary, access cash value, and loans) are transferred to the Trustee of the ILIT, usually a trusted immediate memeber of your family. The insurance death benefits will be paid to the Trust to be used for the beneficiaries (usually spouse and children). After reviewing all of your assets, the attorneys at Kiselstein Franckowiak Law Group will be able to advise you if an Irrevocable Life Insurance Trust would be an appropriate vehicle to reduce the size of your taxable estate as well as any potential complications.