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not007: "Along the same lines and talking about lawyers reminded me of something.

We spoke to a lawyer about our money a while ago and we got talking about life insurance we were looking to get at the time. something liek a $500,000 term life policy. he talked about putting it in a trust and wound up preparing some book type of document stamped 'draft' to create the trust that would hold just this insurance policy (we had less money back then). there were tax benefits (so he said )."

Was it an ILIT - Irrevocable Life Insurance Trust? An ILIT can be a wonderful tool to get the policy out of an estate, but I have not heard much discussion about an ILIT and a term like policy.

Regards, JAFO
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