Irrevocable Life Insurance Trust for Individual: Trust for Children (FL) | Practical Law

Irrevocable Life Insurance Trust for Individual: Trust for Children (FL) | Practical Law

An irrevocable life insurance trust (ILIT) agreement for a married or unmarried individual residing in Florida. This ILIT agreement is specifically designed to hold one or more life insurance policies on the settlor's life and is for the benefit of the settlor's children and more remote descendants. Because the ILIT owns the life insurance policy, the policy proceeds are generally excluded from the insured settlor's estate for estate tax purposes. This Standard Document has integrated notes with important explanations and drafting tips.

Irrevocable Life Insurance Trust for Individual: Trust for Children (FL)

Practical Law Standard Document w-000-3212 (Approx. 73 pages)

Irrevocable Life Insurance Trust for Individual: Trust for Children (FL)

by Practical Law Trusts & Estates
MaintainedFlorida
An irrevocable life insurance trust (ILIT) agreement for a married or unmarried individual residing in Florida. This ILIT agreement is specifically designed to hold one or more life insurance policies on the settlor's life and is for the benefit of the settlor's children and more remote descendants. Because the ILIT owns the life insurance policy, the policy proceeds are generally excluded from the insured settlor's estate for estate tax purposes. This Standard Document has integrated notes with important explanations and drafting tips.