irrevocable
irrevocable by gr4mm4rg33k December 10, 2010
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Irrevocable
1. Unalterable; unable to be undone
2. That word on the back of the first Twilight novel that nobody knows how to pronounce, or is really sure of what it means
2. That word on the back of the first Twilight novel that nobody knows how to pronounce, or is really sure of what it means
Guy 1: Dude, Jessica told me her love for me is i-re-VO-cable?
Guy 2: She's been reading Twilight again...get out while you can
Guy 2: She's been reading Twilight again...get out while you can
Irrevocable by cannonproof25 January 11, 2011
Related Words
[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
irrevesable
irrevesable by Koolaid Jones October 1, 2018
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Precedes or follows either a gratuitously disrespectful or honest remark, originated in New York City. Used in similar fashion to "no offense" or "to be honest," interchangeably.
Ya mans is wild buns, respectfully. Respectfully he's washed.
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