Our law firm prepares a variety of irrevocable trusts. One particularly useful irrevocable trust is the irrevocable life insurance trust. The irrevocable life insurance trust can provide estate and gift tax advantages for larger estates. It can be useful in a blended family situation to provide for children of a first marriage. It can be used in a family business for liquidity if a key person dies. The trust owns the life insurance policy and pays the premiums. The trustee during the lifetime of the grantor cannot be the grantor or any person or entity other than an independent trustee. Let us know if we can help with this or any other of your estate planning needs.