Question: is ilit a grantor trust?
Answer: Irrevocable Life Insurance Trust: An irrevocable life insurance trust (“ILIT”) is subject to Grantor Trust Rule §677(a)(3) if the trust income may be applied toward the payment of premiums on policies insuring the grantor's life (or the grantor's spouse's life). ... In addition, a SLAT can be drafted as a Grantor Trust.