Sentences with phrase «irrevocable beneficiary of»

In particular, the question was where a support payor owns a life insurance policy and is required to name the support recipient as irrevocable beneficiary of the policy, what rights does the support recipient have to the policy proceeds in the face of a competing claim of another dependant of the deceased payor brought under the Succession Law Reform Act («SLRA»).

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.

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.

While many arguments were raised in the courts below, Justice Brown focused the issue on what happens where a support payor dies with a life insurance policy who was required by court order to name a spousal or child support recipient as the irrevocable beneficiary of the policy.

Janice needs to be an irrevocable beneficiary of this policy, but also possibly an owner, so she pays the premiums and the insurance doesn't expire.

Not exact matches

Changing a revocable beneficiary does not require the consent of the beneficiary, while changing an irrevocable beneficiary does.

The irrevocable life insurance trust agreement includes the terms of the trust AND designates certain younger beneficiaries to receive the trust assets upon death.

In certain cases, such as the establishment of an irrevocable life insurance trust or charitable remainder trust, the designation of a beneficiary, in this case, the charity, must be irrevocable.

To get the death benefit out of your estate and avoid this problem, consider having your spouse, significant other, or an irrevocable trust own the policy and also be the beneficiary.

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

With the Irrevocable Life Insurance Trust (ILIT) document, you can manage the way the proceeds of the life insurance policy will be disbursed so that the beneficiary may not have outright ownership to the policy.

Can you change the beneficiary of an irrevocable life insurance trust?

Change of Beneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as iBeneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary has been designated as irrevocable.

Charitable trusts are a specific type of irrevocable split interest trust, because a portion the income is paid to charity and / or the grantor and the remainder is designated to pass either to the charity of beneficiaries.

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.

And because the trust is irrevocable and is the owner and beneficiary of your policy, the proceeds escape estate taxes in most cases.

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.

Special needs or pre-Medicaid estate planning may be accomplished by making an irrevocable special needs trust the beneficiary of a life insurance policy, thereby providing necessary support to a dependent beneficiary without disqualifying them from public benefits.

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.

In Bielny, the separation agreement required the insured to name the children of the first marriage as irrevocable beneficiaries.

In Fraser v. Fraser, the trial judge found on the facts that the terms of the separation agreement requiring the insured to maintain the plaintiff as beneficiary were tantamount to an irrevocable designation.

Change of Beneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as iBeneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary has been designated as irrevocable.

Irrevocable Beneficiary A beneficiary designation that can not be changed without the consent of the bBeneficiary A beneficiary designation that can not be changed without the consent of the bbeneficiary designation that can not be changed without the consent of the beneficiarybeneficiary.

Once an accelerated death benefit has been paid, the election to request such accelerated death benefit can not be revoked.Consent of an assignee or irrevocable policy beneficiary may be required.

Change of Beneficiary Provision A life insurance or annuity policy provision allowing you to change the beneficiary whenever desired (unless the beneficiary has been designated as irBeneficiary Provision A life insurance or annuity policy provision allowing you to change the beneficiary whenever desired (unless the beneficiary has been designated as irbeneficiary whenever desired (unless the beneficiary has been designated as irbeneficiary has been designated as irrevocable).

It'll provide financial security to your beneficiaries to help offset the cost of estate taxes if you haven't set it up in an irrevocable life insurance trust.

The TD T10, TD T20 and TD T100 policies offer the option to designate the beneficiary as revocable (i.e. the beneficiary can be changed by the policy owner), or irrevocable, (i.e. the beneficiary is set at the beginning of the coverage and can not be changed except with the beneficiary's consent).

A revocable designation allows the insured to change beneficiaries after the policy becomes in force, if he or she so chooses, without the consent of the beneficiary; While an irrevocable designation can not be changed in the future without the consent of the beneficiary.

Irrevocable Beneficiary: A beneficiary of the decedent who has vested rights to the proceeds of a life insuraBeneficiary: A beneficiary of the decedent who has vested rights to the proceeds of a life insurabeneficiary of the decedent who has vested rights to the proceeds of a life insurance policy.

If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary.

Parents can name an irrevocable life insurance trust as the owner and beneficiary of the policy.

Irrevocable Beneficiary: A type of beneficiary designation that can not be changed without the written consent of the bBeneficiary: A type of beneficiary designation that can not be changed without the written consent of the bbeneficiary designation that can not be changed without the written consent of the beneficiarybeneficiary.

To get the death benefit out of your estate and avoid this problem, consider having your spouse, significant other, or an irrevocable trust own the policy and also be the beneficiary.

With an irrevocable beneficiary, creditors can not touch the policy proceeds as these monies are not considered to be a part of your assets.

Revocable vs Irrevocable Beneficiaries There are two types of beneficiaries: the revocable and the irrevocable bIrrevocable Beneficiaries There are two types of beneficiaries: the revocable and the irrevocableBeneficiaries There are two types of beneficiaries: the revocable and the irrevocablebeneficiaries: the revocable and the irrevocable birrevocable beneficiary.

Beneficiaries can be named in a number of different ways including primary, contingent, tertiary, revocable and irrevocable to list a few.

Irrevocable beneficiary: This type of beneficiary has a vested interest in the policy, and the policy owner can not change the beneficiary without receiving the irrevocable beneficiary's Irrevocable beneficiary: This type of beneficiary has a vested interest in the policy, and the policy owner can not change the beneficiary without receiving the irrevocable beneficiary's irrevocable beneficiary's permission.

In some cases, the naming of a beneficiary is irrevocable, meaning the policyholder can not remove or replace the beneficiary with another entity or reduce the potential benefits the irrevocable beneficiary receives upon the insured's expiry without the beneficiary's express written consent.

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).

Special needs or pre-Medicaid estate planning may be accomplished by making an irrevocable special needs trust the beneficiary of a life insurance policy, thereby providing necessary support to a dependent beneficiary without disqualifying them from public benefits.

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.

The owner is usually the purchaser of the annuity and has all the rights under the contract, subject to the rights of any irrevocable beneficiary.

The irrevocable life insurance trust agreement includes the terms of the trust AND designates certain younger beneficiaries to receive the trust assets upon death.

Unless one or more of your beneficiaries is irrevocable, you typically need only to fill out a beneficiary designation form to make a change.

Irrevocable Beneficiary — A beneficiary of an insurance policy that can not be charged withoBeneficiary — A beneficiary of an insurance policy that can not be charged withobeneficiary of an insurance policy that can not be charged without consent.