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I just discovered this board today and am impressed by all of the collective wisdom. I am interested in your views on a specific situation: in early 2001 an 87 year old man went to a financial planning seminar. He then entered into a financial planning agreement. Part of the financial plan recommended an Irrevocable Life Insurance Trust. A single premium life insurance policy was purchased with a premium of $330,000. The policy was guaranteed for 5 years with a death benefit of $396,000. At the time, his net worth was just over $1 million, including the value of his home and the value of existing life insurance policies. Now he does not have adequate funds to live comfortably. The financial planners, who also recommended and sold the policy, continue to believe that they provided him a good financial plan and that the policy is a good decision. Thoughts?