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Irrevocable Life Insurance Trusts

Irrevocable life insurance trusts can remove life insurance proceeds from your taxable estate. The trust you establish becomes the owner of the policy. You make contributions to the trust for the payment of premiums. After death, the trust receives the death benefit and distributes it according to the terms of the trust. Once established, the trust cannot be changed or the assets withdrawn.


  • Insurance proceeds are not included in your estate
  • Allows you to control the ultimate distribution of the insurance proceeds when setting forth the terms of the trust


  • Once funded, the trust cannot be changed or assets withdrawn
  • Gift tax implications

To avoid your contributions being classified as gifts to the beneficiaries, they must qualify for the gift tax annual exclusion. Accordingly, the beneficiaries of the trust must be given the right to withdraw the contributions for a designated period of time.

If existing policies are gifted to the trust and death occurs within a specified period, the policies will be included in your taxable estate.

Trust Services of First Financial Bank will provide:

  • Professional administration, ensuring proper notices are mailed to beneficiaries to qualify gifts for the "annual exclusion"
  • An annual ratings review of the insurance company, ensuring that the company is in good standing
  • Professional asset management of the insurance proceeds to coincide with the trust’s terms, goals and objectives

We want you to know that investment products provided by Trust Services of First Financial Bank:

• Are not a deposit
• Are not FDIC insured
• Are not insured by any federal government agency or the bank
• May lose value

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