2007-02-22 04:04:03 · 2 answers · asked by J Tap 1 in Business & Finance ➔ Insurance
Hi, your friendly insurance guy here, again!
Trusts are generally set up by attorneys. To get the greatest detail you should speak with one.
Conceptually, an Irrevocable Life Insurance Trust is a trust designed to become the owner of life insuance contracts that can never leave the trust's control.
There are several reasons why using an ILIT can be useful, as the prior poster indicated, for estate planning. Without knowing more about your situation it would be difficult to tell whether using an ILIT is right for you.
As a suggestion - remember that just because Suze Orman says she likes ILITs does not necessarily mean they are for you. Remember - she is making suggestions to people after hearing only a tiny amount of information about them. In real world insurance work, any qualified insurance rep would do a heck of a lot more than spend 30 seconds with you before recommending an insurance program.
Suze has some good concepts. I'd be wary of taking any of her advice wtihout discussing those ideas with a qualified local person who will spend a lot more time with you than Suze does.
2007-02-23 16:53:53 · answer #1 · answered by Bright Future Penguin 3 · 0⤊ 0⤋
If it's for estate tax planning, as is usually the case, it's best to see an estate attorney, CPA, or financial planner.
A word about Suze Orman: The lady has a wealth of valuable information to offer. Rarely does this include advice about life insurance. Your local agent has probably forgotten more than Orman will ever know.
2007-02-22 12:20:22 · answer #2 · answered by Rob D 5 · 0⤊ 0⤋