What is an ILIT?

An ILIT is otherwise known as an irrevocable life insurance trust. The purpose of an ILIT is to minimize the estate tax burden associated with the proceeds of a life insurance policy. An attorney needs to help you with this type of trust. A life insurance policy is purchased and maintained by trust assets in the name of the trust. When the insured dies, the proceeds from the policy are put into the trust and distributed per the trust language as trust property, not that of the deceased. This manner will usually ensure that the policy proceeds escape estate tax by not being included in the estate to begin with.

Overall, there are a multitude of issues with regards to Wills, Trusts and Advanced Directives, and to make sure that you are doing everything you can during your lifetime to prepare for what will happen after you have passed, contact a Conroe ILIT lawyer at Garg & Associates today to get this process started and to protect the future of those you love.

Please contact our office to see how we can assist you. Learn more about our Areas of Practice.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
Serving The Woodlands, Spring, Houston, Conroe, Kingwood, Tomball, Cypress, Huntsville, Cleveland, Stafford, Montgomery County, Harris County, West Oaks, Memorial, Sugar
Land, River Oaks, Alief, Stafford, Missouri City, and Southwest Houston Texas.