July 15, 2009 Sometimes we want to give to charity, but we feel we can’t because we don’t want to deplete our resources for ourselves or our family. Life insurance has a role to play here. Life insurance placed in an Irrevocable Life Insurance Trust (ILIT) can replace the value of assets given to charity. Life insurance can be purchased to match the amount given to specific charities, to educational accounts, or as gifts to individuals during your lifetime. When done correctly and advisedly, life insurance and charitable gifting can be a pleasant addition to your estate plan. Consult with your estate planning advisor, or call the Legacy Lawyer at (858) 740-4370 to discuss how to set up an ILIT or charitable trust.