The Married Person GST ILIT is a Sole-Grantor Irrevocable Life Insurance Trust (ILIT) designed for a married individual. It provides all of the features of both previous ILIT formats (#07 & #08), including distributable net income distribution provisions for the benefit of the surviving spouse, plus an additional generation skipping format.

This trust is for the patriarch (or matriarch) who wishes to establish an irrevocable trust to hold a large life insurance policy that would benefit his spouse and/or children upon his death but have the ultimate distribution of the insurance proceeds go to his grandchildren or other “generation skip” persons.