Sentences with phrase «funding irrevocable»

That is what makes guaranteed universal life insurance a popular choice for estate planning, such as funding an irrevocable life insurance trust.

Indexed Universal Life or Survivorship Universal Life are excellent vehicles for estate planning, such as funding irrevocable life insurance trusts and business planning purposes, such as key man insurance and buy sell agreements.

The policy is relatively inexpensive for a permanent life product and the proceeds are income tax free, making it an excellent option for funding irrevocable life insurance trusts.

But in order to save you time we would be remiss not to stress the importance of funding an irrevocable life insurance trust with some type of permanent policy.

Establishing and funding an irrevocable life insurance trust (ILIT) is one of the smartest estate planning strategies for paying the federal estate tax.

And for those whose net worth is above the current federal estate tax exemption level of $ 5.45 million ($ 10.9 million combined), funding an irrevocable life insurance trust makes a ton of sense, and can save a ton of cents, too!

As much as possible, we encourage people to pre-plan for long - term care needs through creating and funding irrevocable trusts.

One way second to die life insurance can be extremely effective is to fund an Irrevocable Life Insurance Trust a / k / a ILIT as part of a complete estate plan.

One exception to the unfavorability of term life insurance for executive bonus plans if is the employee has accumulated a large estate and it is advantageous to use the policy to fund an irrevocable life insurance trust.

You might be seeking to protect your family as the primary bread winner or trying to fund a buy sell agreement, purchase key man business insurance, or fund an irrevocable life insurance trust.

Those who are in the process of qualifying for Veterans Aid and Attendance and / or Medicaid benefits will fund an Irrevocable Funeral Trust with cash and / or the cash value of an existing policy in order to protect their estate.

A more secure way to avoid the estate tax on a life insurance payout is to use the policy to fund an irrevocable life insurance trust (commonly called an ILIT).

My second is that it is covered in an article I recently came across in Investment News, which discusses how these cash value or universal life insurance policies (for the purpose of this blog post, the two are basically the same) were used by estate planning attorneys to fund irrevocable life insurance trusts to help alleviate estate tax obligations.

Whether this is an avoidable estate tax burden, a desire to fund an irrevocable life insurance trust to support a special needs child, a wish to create a readily accessible source of liquidity for a business that would support the buyout of a partner when they pass, permanent life insurance can support a number of special needs.

One way second to die life insurance can be extremely effective is to fund an Irrevocable Life Insurance Trust a / k / a ILIT as part of a complete estate plan.

It's a good affordable option for people who want permanent life insurance coverage, for estate planning, or to fund an irrevocable life insurance trust (ILIT).

This can be a huge relief when you are using a single premium policy to fund an irrevocable life insurance trust for estate planning purposes.

Using a properly funded irrevocable life insurance trust is highly encouraged.

Finally, you may use life insurance if you have a large estate to fund an Irrevocable Life Insurance Trust, so that the life insurance benefits aren't included in the estate for tax purposes.

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.

«The Contingent Credit Facility does not provide Trans Mountain with funds on demand and at its sole discretion... is not irrevocable... [and] not meet the requirements of automatically renewing and remaining in force.»

Through an agreement with a DAF provider, a donor creates a specially named account (i.e. «Smith Family Fund») to which irrevocable contributions are made.

A donor - advised fund allows donors to establish and fund the account by making irrevocable, tax - deductible contributions to the charitable sponsor.

The funds in the account are classed as an irrevocable gift to the child — once the money is given, it can not be taken back.

The choice is irrevocable, and must be made on or before the day a trustee is «required to lodge» their fund's or trust's 2016 - 17 income tax return.

Irrevocable trust funded by gifts by its grantor; designed to shift future appreciation on quickly appreciating assets to the next generation during the grantor's lifetime

A properly funded and maintained irrevocable life insurance trust allow death benefit to remain separate from high value estates to avoid the estate tax.

First of all be aware: «clearing» in the US, does not technically mean the funds are irrevocable.

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.

Now I read that even if a piece is sold, the artist: 1) Isn't informed about shipping addresses; 2) Isn't assured that they have or will be paid; 3) Is responsible for paying the buyer's sales tax bill; 4) Presumably is required to forward sales tax funds to the buyer's state department of revenue; 5) Has money / time invested in shipping a parcel to a potential buyer who may or may not return the art a week later (like a toaster oven); 6) Has language like the following within their user agreement: royalty - free, sub-licensable through multiple tiers, perpetual, irrevocable, worldwide right and license to use, reproduce, distribute, modify, translate, create derivative works from, publish, publicly perform and publicly display such User Content and any names, likenesses or trademarks depicted in such User Content, in any media now known or later developed, only for the purposes of developing, promoting and providing the Site.»

According to Alexander, «A claim to the DGS does not necessarily result in an immediate and irrevocable payment of the insured funds.»

Under the Family Law Act or the Divorce Act, a court can order a support payor to designate the support recipient as the irrevocable beneficiary of a life insurance policy to ensure funds exist at the time of the payor's death to satisfy his (or her) support obligations specified in the support order.

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 support.

On the advanced planning side, they even offer a Single Premium option, great for something like funding a policy up front, and then enclosing in an ILIT (irrevocable life insurance trust) to satisfy estate plan needs.

And on certain life insurance policies, such as those used to fund buy sell agreements, irrevocable life insurance trusts or key person business insurance, a better rate class may mean thousands of dollars in savings.

Once the irrevocable life insurance trust is «funded», the trustee, on behalf of the ILIT, applies for and purchases a life insurance policy on the life or lives of the Grantor and the Grantor's spouse.

These can be a cost - effective way to fund your funeral, but the interest is typically taxable and they're irrevocable so they're difficult to modify.

In addition to finding an irrevocable life insurance trust to avoid estate taxes, guaranteed universal life insurance can also be used to leave a tax - free inheritance, fund a buy - sell agreement, fund a special needs trust, or maximize a pension.

Life insurance is commonly used to fund an AB or Bypass Trust, or an Irrevocable Life Insurance Trust.

An irrevocable life insurance trust needs to be funded by a permanent policy to function correctly.

Most trust attorneys and financial advisers recommend creating an Irrevocable Life Insurance Trust or «ILIT» to both fund (pay your policy) and to serve as the beneficiary of your second to die or survivorship policy.

In a fairly liquid estate this could open up the opportunity for an ILIT, Irrevocable Life Insurance Trust, to fund a substantial single premium life insurance policy by the insured gifting the single premium against their lifetime maximum.