Sentences with phrase «for irrevocable beneficiaries»

You can not remove or change the designated payout for irrevocable beneficiaries without their express consent.

Not exact matches

Authorized by federal law, a special needs trust is an irrevocable trust designed specifically to hold assets for a beneficiary so that the funds do not disqualify the recipient from needs - based government benefits.

Holding assets in an irrevocable life insurance trust, which requires talking with the beneficiaries about it, including the crummy letters, is just good training for future generations.

For example, if the irrevocable life insurance trust has 3 beneficiaries, then $ 42,000 could be gifted to the trust ($ 14,000 x 3) each year.

irrevocable trust that pays a fixed annuity to the grantor for a defined term, with the remainder of the trust passing to a noncharitable beneficiary

If, for some reason, you can not obtain new insurance, have his or her existing policies transferred to you as the new, outright policy owner or irrevocable beneficiary.

Having irrevocable beneficiaries can be difficult if, for example, you get divorced and need your ex-wife's consent to change how your life insurance benefits are paid out.

There's no technical limitation or minimum requirement, but two practical factors would be: 1) in an irrevocable trust, you are placing some of your assets forever outside of your control and you can not directly benefit from them, and 2) since you can not be a trustee of your own irrevocable trust the trust will have to contain enough assets to pay the trustees for their time as well as to pay the beneficiaries for whom the trust is set up.

In the US, we have a concept called an Irrevocable Life Insurance Trust; that is one possibility for you, if the UK has the same concept - this is a trust that specifically exists to be the beneficiary (and, technically, owner) of the life insurance policy.

A tax - exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

By making The Niagara Falls Humane Society the irrevocable owner and beneficiary of a life insurance policy, you can be entitled to a donation income tax receipt for every premium you pay.

Charitable Annuities — An annuity funded with an irrevocable gift (cash, stock or, in some states, real estate) and consists of a simple contract between you and the Humane Society of Greater Miami whereby the Society guarantees to provide you and / or another beneficiary fixed, regular payments for life.

For example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her suppoFor example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her suppofor his or her support.

A final Order was eventually issued, with the requirement for Stephane to maintain Anastasia as irrevocable beneficiary to continue.

At the second death, the policy proceeds are paid to the named beneficiary which, for tax purposes *, is normally an irrevocable life insurance trust.

An insured can choose for the beneficiary designation to be either revocable or irrevocable.

Income Protection Agreement — provides an irrevocable settlement option, that pays the death benefit over a period of years, which provides for greater cash accumulation and a benefit stream for beneficiaries (rather than a lump sum).

In the case of divorce, a judge may elevate the status of an ex-spouse to an irrevocable beneficiary in a life insurance contract to replace alimony he would not receive in the event of his ex-wife's death, for instance.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

An Irrevocable Life Insurance Trust (ILIT) is simply explained as a way of having a life insurance policy that does not hold any estate tax consequences for your beneficiaries.

Whereas you'll normally list family members or a charity as beneficiaries for other policies, life insurance for estate protection must have your irrevocable trust.

Holding assets in an irrevocable life insurance trust, which requires talking with the beneficiaries about it, including the crummy letters, is just good training for future generations.

For example, if the irrevocable life insurance trust has 3 beneficiaries, then $ 42,000 could be gifted to the trust ($ 14,000 x 3) each year.

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Naming an irrevocable beneficiary removes the policy from the estate of the insured, who thereby gives up incidences of ownership for estate tax purposes.

It serves as a great estate planning tool as it can be purchased by an irrevocable trust, with your heirs as the beneficiary and the insurance proceeds are kept out of the estate for tax purposes.

«It is a challenge for family lawyers to assure clients in the event somebody dies who is paying support doesn't name you as an irrevocable beneficiary.