Of course an irrevocable life insurance trust "works" for some things but not for other things. It depends what you are setting the trust up to do.
One use is to pass money to beneficiaries and protect the funds from Medicaid or other creditors. If the trust is set up 5-years or more in advance, the money is protected by the trust and will pay to the beneficiaries upon your death.
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One use is to pass money to beneficiaries and protect the funds from Medicaid or other creditors. If the trust is set up 5-years or more in advance, the money is protected by the trust and will pay to the beneficiaries upon your death.