pratiyogita kiran English An Irrevocable Life Insurance Trust, otherwise known as an ILIT, is a smart move for individuals even if they are not faced with litigation. An ILIT allows you to pass your life insurance policy on to your heirs tax-free upon your death. If you did not have an ILIT, then the death benefit would be subject to estate taxation. pratiyogita kiran monthly magazine free download Here’s how an ILIT works: a trustee that you name manages your ILIT. The trustee purchases a life insurance policy on you. You provide the funds for him to purchase the policy through tax-free gifts. Unlike a direct beneficiary designation, you can control how the funds from an ILIT are spent. You can designate a portion of funds to education, individuals, and other causes to ensure that your hard-earned money is spent how you want pratiyogita kiran ebook.
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