No. of Recommendations: 2
If you have several grandchildren the cost of individual ILITs multiplies.

You could have one ILIT benefiting multiple beneficiaries. That's the most common way to structure things. I think ILITs usually cost $2,000 to $2,500 to draft and set up and all. But again, ILITs are generally estate planning tools (as I'm sure you know, but I'm just saying) with "paying for college education" as just one of many benefits. And the ILITs I've seen do not benefit the grantor. (OK, there's kindasorta an exception to if it has spousal access provisions, but that's getting way off track from the question asked).

IULs, or any other form of life insurance policy structured to be "cash heavy so the insured can withdraw from them at a later time, are really not much different from any other investment vehicle, with their own unique set of advantages and disadvantages.

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