--- title: "BSMG Blog: Protecting the Future of Families and Businesses | Advanced Sales" description: Advanced Sales | Retirement topics, insurance news, annuity and life insurance broker tips --- [info@bsmg.net](mailto:info@bsmg.net) [(800) 343-7772](tel:800.343.7772) [![Unified | HubSpot COS Framework](https://life-annuity-blog.specialtyprogramgroup.com/hs-fs/hubfs/logo-1.png?width=359&name=logo-1.png "Unified | HubSpot COS Framework")](http://www.bsmg.net) - Menu Item 1 - Sub-menu Item 1 - Another Item - Sub-menu Item 2 - Menu Item 2 - Yet Another Item - Menu Item 3 - Menu Item 4 # BSMG Blog: Protecting the Future of Families and Businesses - Blog ## [Family Limited Partnerships vs. Irrevocable Life Insurance Trusts](https://life-annuity-blog.specialtyprogramgroup.com/family-limited-partnerships-vs.-irrevocable-life-insurance-trusts) Russell E. Towers JD, CLU, ChFC [Advanced Markets](https://life-annuity-blog.specialtyprogramgroup.com/topic/advanced-markets), [Advanced Sales](https://life-annuity-blog.specialtyprogramgroup.com/topic/advanced-sales) No Comments 17 Jul 2017 ## Which entity to own life insurance? The popularity of the irrevocable life insurance trust (ILIT) is well documented. Billions of dollars have been gifted by estate owners to single life and survivorship life irrevocable trusts to help fund the payment of federal estate taxes. Yet, a number of disadvantages revolving around lack of flexibility and lack of control discourage the use of such trusts in certain situations. When estate owners realize an irrevocable trust cannot be changed, they sometimes decide to think about it. Or when estate owners realize they don't own the cash value of the policy and have no access to it for lifetime financial needs, they feel a loss of control. 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