Richard Rosen is a financial planner and an expert in writing about financial planning topics. He has 20+ years of experience as a CFP®. Hans Daniel Jasperson has over a decade of experience in public ...

In an ILIT, the grantor or creator of the trust cannot change the terms or beneficiaries of the trust, just like any irrevocable trust. However, grantors may place one or more life insurance policies ...

Editor's note: This is the first article in a series about financial and/or estate planning issues that we all should know but might be too embarrassed to ask about. First up: life insurance trusts.

If an irrevocable life insurance trust is the owner and beneficiary of a policy you can keep the death benefit out of your estate. Having a trust as a beneficiary of a life insurance policy can also ...