Drafting Flexibility into an Irrevocable Life Insurance Trust
62 PROBATE& PROPERTY SEPTEMBER/OCTOBER 2005 An attorney drafting an irrevocabbl life insurance trust (ILIT) is like an artist crafting a landsccap painting. There are two primary aspects to each activity: the design and the execution. In the design phase, the attorney or artist plans the work, decidiin what elements to use and where to place them. In the execution phase, the attorney or artist must draw on skills that have been honed through use of specialized knowledge and experience Richard C...