Does Irrevocable Life Insurance Trust Work? 
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 . 