because Kim husband died, she gets a total $100,000 of life insurance . While her husband is decomposing in the grown, she is spending the money and is geting plastic surgery.
by pockadotslotz February 21, 2010
by sarcastic September 01, 2003
The investment you make betting that your worth more dead than alive. Upon death your investment usually results in your family getting rich.
John was a loser not worth a crap to his family, then he died and the life insurance made then filthy stinking rich.
by Dr. Uncle Fucker Crapper John M.D. July 23, 2003
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.
by Andrew G. Bernhardt August 22, 2008
When you're life is so meaningless you go out of your way to get killed by the police or a city bus in the hopes that your surviving family who wants nothing to do with your sorry ass anyways will get half the money the courts award you at the taxpayers expense. The other half goes to the lawyers and Al Sharpton.
Yeah... He was a gud boy. He was get 'n his life back together. He was going to community college and trying to record his rhymes. He dindu nuff 'n and the police shot 'em. He goan git fat ghetto life insurance doh...
by The Cap N' May 19, 2021