<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> A life insurance trust is an irrevocable, non-amendable trust which is both the owner and beneficiary of one or more life insurance policies . Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries . If the trust owns insurance on the life of a married person, the non-insured spouse and children are often beneficiaries of the insurance trust . If the trust owns "second to die" or survivorship insurance which only pays when both spouses are deceased, only the children would be beneficiaries of the insurance trust . </P> <P> In the United States, proper ownership of life insurance is important if the insurance proceeds are to escape federal estate taxation . If the policy is owned by the insured, the proceeds will be subject to estate tax . (This assumes that the aggregate value of the estate plus the life insurance is large enough to be subject to estate taxes .) To avoid estate taxation, some insureds name a child, spouse or other beneficiary as the owner of the policy . </P>

What is the purpose of an irrevocable life insurance trust
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