Irrevocable Life Insurance Trusts (or "ILITs") are powerful tools for paying known estate tax liabilities.

They are also great tools for maximizing inheritance for families who want to leave as much as possible to their heirs.

ILITS are complex vehicles for limited situations. If you have one, you really better know how to use it. If you don't have one and you have a taxable estate, you should explore whether an ILIT can help you.

Click here if you have questions about Life Insurance Trusts.