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While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you’re the beneficiary of a trust created by your great grandmother over seventy years ago and that trust no longer makes sense. Or, maybe you created an irrevocable trust twenty years ago, and its original purpose is no longer applicable.

An irrevocable life insurance trust (ILIT) gives you more control over your insurance policies and the money that is paid from them. It also lets you reduce or even eliminate estate taxes, so more of your estate can go to your loved ones.