Ilit 

Another way of saying "Absolutely fucking insane"

Yea my friend over there is pretty ilit.

Ilit by Kylesletat January 10, 2020

ILIT 

Background: A group created by ADRILITY, and the acronym itself stems from the name. 'ADR-ILIT-Y'.
Definition: "I love it" (self explanatory)

We on that ILIT shit for life!

ILIT by ADRILITYISSEXY November 27, 2022

[Irrevocable Life Insurance Trust] , [ILIT]

Used primarily for estate creation, estate preservation, and estate conservation. Basically, a irrevocable trust is drafted (meaning drafted, designed, and created by a licensed JD professional aka a lawyer and/or attorney) to hold a LARGE life insurance policy on the insured (usually a parent(s), or the spouses parent(s), and upon materialization of the death certificate, the ILIT receives the death benefit insurance proceeds tax free!!! Yes, that's right, tax free! Most the time insurance proceeds are tax free, but there's the exemption limit, so even if the death benefit is WELL OVER the current exemption limit, the entire thing is passed tax free to the trust. The trust itself then has beneficiaries who receive the proceeds in accordance with the trusts design and instructions.

Irrevocable Life Insurance Trust , ILIT --- Basically, a child (grown up in this example) decides he'd/she'd like to after college, get a good job, and use his/her income (or some of it) to purchase a LARGE life insurance policy on his/her parents, and place it in a Irrevocable Life Insurance Trust, ILIT. Then upon materialization of the death certificate, the child is then passed tax free TONS of dinero! Then the child can take it easy, retire, and live off of e.g investments of any kind, perhaps treasury inflation protected securities.

[Irrevocable Life Insurance Trust] , [ILIT] by Andrew G. Bernhardt October 18, 2008

ilithios 

Stupid or idiot.

such an idiot (ilithios) translated; ένα τέτοιο ηλίθιος

ilithios by Diakonia January 11, 2012

ilithiel 

Ilithiel is when you and your friends are on discord and someone just starts screaming on top of their lungs.

e.g. Omg! Tellis is such an ilithiel he always shouts at Rengar

e.g. Omg! Tellis is such an ilithiel he always shouts at Rengar

ilithiel by Ilithiel January 28, 2021

iliterate 

A word used by a person who its horrible at insulting others. (It's spelled illiterate)

person 1: You iliterate bitch!
person 2: ....dumbass.

iliterate by the_epitome_of_Gigi July 5, 2007

iLitist 

Someone who thinks their iPod is better than your portable media device.

Shayne is an iLitist dissing my Zune.

iLitist by chrisxdarsh March 6, 2009