An irrevocable life insurance trust can be used to achieve a wide range of financial goals, such as decreasing the value of your taxable estate, providing liquidity for your estate, growing assets estate-tax free and providing a lifetime stream of income for a spouse. Irrevocable Life Insurance Trusts hold life insurance on the life of the grantor.

Characteristics include:

• Established while you are living and may not be changed by you or anyone else.

• Ability to transfer assets out of your taxable estate and into the trust, thereby reducing the assets subject to estate taxes.

• Assets held by the trust will be professionally distributed according to your wishes upon your death and will avoid estate taxes as well as the probate process.

• The proceeds of the insurance policy are not included in your estate, and therefore not subject to estate and income taxes.

• Proceeds of the policy may be excluded from your spouse's estate as well.

• The trustee can use the proceeds to provide liquidity for your estate, make special payments to your spouse or provide a lifetime stream of income to your spouse.