What is the name of your state? Ohio
I've been doing some research on ILITs, and have some questions. Any clarification would be appreciated.
If an individual creates an ILIT, with an adult child as the beneficiary and gifts the premium payments to the beneficiary, can the ILIT still be part of a marital or survivorship trust and pass to the surviving spouse rather than the adult child upon the death of the ILIT creator? Wouldn't that defeat the purpose of the trust in the first place?
Thanks in advance for any help!
I've been doing some research on ILITs, and have some questions. Any clarification would be appreciated.
If an individual creates an ILIT, with an adult child as the beneficiary and gifts the premium payments to the beneficiary, can the ILIT still be part of a marital or survivorship trust and pass to the surviving spouse rather than the adult child upon the death of the ILIT creator? Wouldn't that defeat the purpose of the trust in the first place?
Thanks in advance for any help!