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What is an Irrevocable Life Insurance Trust or (ILIT)?

An irrevocable life insurance trust (ILIT) is an estate planning instrument utilized by Tallahassee estate planning lawyers and specifically established to hold high-value life insurance policies. When the person who set up the trust (the trustmaker) passes away, the ILIT receives the death benefit from the life insurance. One of the key benefits of this type of trust is that the proceeds from the life insurance are not included in the deceased’s taxable estate. This helps to minimize estate taxes. Additionally, the funds from the ILIT can be utilized for various purposes, such as covering estate taxes, ensuring equal inheritance distribution, supporting buy-sell agreements in businesses, or providing a bequest to heirs.

Contact our Estate Planning Attorney in Tallahassee to explore whether this type of Trust is right for you and your family.

Compassionate Florida Estate Planning Services for Every Stage of Life and Income Level

Attorney Ben Patton at McRae & Metcalf has seen firsthand how critical proper estate planning is for establishing lasting security. This is why he dedicates personal attention to his clients to meet all their goals and provide peace of mind. If you’re ready to take the first step toward protecting your family and assets with an estate plan, please call our Tallahassee estate planning office today at 850-386-8000 or fill out our convenient contact form.

Ben C. Patton
Expert Tallahassee Estate Planning Lawyer

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Please fill out our contact form to kick off your estate planning journey. We will be in touch with you as soon as we can to schedule your free consultation. We want to hear your story and tell you about your options for protecting you, your family, your legacy, and your assets—starting today!
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OFFICES

McRae & Metcalf, P.A.

2612 Centennial Place

Tallahassee, FL 32308

Phone:

850-386-8000

Fax: 850-386-8342

Location Details +
Directions +

Get Help Now

Please fill out our contact form to kick off your estate planning journey. We will be in touch with you as soon as we can to schedule your free consultation. We want to hear your story and tell you about your options for protecting you, your family, your legacy, and your assets—starting today!

Contact Info

McRae & Metcalf, P.A.

2612 Centennial Place
Tallahassee, FL 32308

Phone: 850-386-8000
Fax: 850-386-8342
Office Info +
Get Directions +
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