The irrevocable life insurance trust (ILIT) is one of the most widely used estate planning tools. Those who work in the estate planning field-or any professional who wants to extend his or her practice into this arena-should become knowledgeable about ILITs, and how and why they are used. The purpose of this course is to provide a general understanding of trusts and how they work, with a specific focus on irrevocable life insurance trusts. Along with an exploration of ILITs, the course explains collateral issues that might arise in their creation and operation including a number of important tax-related issues.