Sentences with phrase «because irrevocable life insurance trusts»
Because irrevocable life insurance trusts are a separate legal person (entity), money can be gifted to the trust and then used to pay premiums.
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Because irrevocable life insurance trusts are a separate legal person (entity), money can be gifted to the trust and then used to pay premiums.
Not exact matches
A stand alone special needs trust can also be advantageous if the trustmaker has a large estate requiring federal estate tax planning because assets can be «gifted» to the special needs trust in the same manner as often used for an irrevocable life insurance trust.
Gifting to an irrevocable life insurance trust has been particularly effective because gifted proceeds are used to purchase life insurance to further the estate planning goals and utilizing financial leverage with the gift.
An irrevocable life insurance trust is sometimes referred to as just a life insurance trust, although this term is a bit misguided because numerous types of trusts can be used with life insurance policies.
Gifting to an irrevocable life insurance trust has been particularly effective because gifted proceeds are used to purchase life insurance to further the estate planning goals and utilizing financial leverage with the gift.