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A trust which holds life insurance, and which is typically a grantor trust for income tax purposes but not estate tax purposes. Most insurance trusts of this nature are designed to keep the proceeds of life insurance outside of the estate of both the grantor and the grantor's spouse.

Synonyms: ILIT, ILITs, irrevocable life insurance trusts
Synonyms list (a comma-separated list)
ILIT, ILITs, irrevocable life insurance trusts