Definitions for "Irrevocable life insurance trust"
a trust which holds a life insurance policy and in which the grantor completely gives up all rights in the property transferred to the trust and retains no rights to revoke, terminate, or modify the trust in any material way; beneficiaries usually hold Crummey powers that give them withdrawal rights over trust corpus
A trust that cannot be changed or canceled once it is created.
A document that removes the value of your life insurance from your taxable estate. You choose a trustee to make sure the policy premiums are paid and that your beneficiaries receive proceeds at your death.