Irrecoverable life Insurance trust
Hi, may I ask how much is the minimum amount to set up an irrecoverable life insurance trust in Canada or the US?
To my knowledge, there is no minimum amount required to set up an ILIT in the US or Canada. However, there is a cost to establish a trust (mostly legal fees), which may it prohibitively expensive if you aren’t planning to purchase several hundred thousand dollars or more of life insurance.
If you are considering a trust for your succession planning, be sure to inquire about the cost to establish a trust before setting one up, so that you can weigh the relative costs and benefits.
Hope this helps.