Sentences with phrase «irrevocable trusts which»

There are two types of irrevocable trusts which you might want to consider to benefit the Portland Museum of Art.

That article also distinguished between revocable and irrevocable trusts which are respectively used for very different estate planning purposes.

[citation needed] Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax.

Not exact matches

Another device is to make a donation in the form of a trust which becomes irrevocable only in case of the death of the donor; in this case the parties concerned are made to sign a written document as proof of their consent.

Although, some states allow «self settled» trusts which allow you to set up an irrevocable trust naming yourself as beneficiary.

For example, one type of annuity product is a life insurance irrevocable trust, which can be a great tool for property protection and federal estate tax savings.

A revocable living trust is a trust which holds your assets while you live and becomes irrevocable at your death.

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.

The estate asset still transferred to an irrevocable trust at which time the estate receives a charitable income tax deduction.

Often an irrevocable life insurance trust (ILIT) can be used for this purpose, although you must be careful to avoid incidents of ownership, which may turn off those who want control of all aspects of their estate.

The trust is irrevocable which means that it can never be changed.

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

For example, one type of annuity product is a life insurance irrevocable trust, which can be a great tool for property protection and federal estate tax savings.

But if you're spending down your assets to qualify for social services, such as Medicaid, you'd need to put your pre-paid funeral money into an irrevocable trust, which can not be withdrawn until your death and removes it from your assets.

An irrevocable trust is one which can not be altered, changed, modified, or revoked.

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.

Often an irrevocable life insurance trust (ILIT) can be used for this purpose, although you must be careful to avoid incidents of ownership, which may turn off those who want control of all aspects of their estate.

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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.

An irrevocable trust is one in which the owner of an estate transfers their right of ownership to somebody else.

This trust is sometimes used for life insurance, in which case it is called an irrevocable life insurance trust.

This strategy is also known as «estate planning» and it involves creating an irrevocable life insurance trust, or ILIT, which will be named as the owner of your life insurance policy.

Work with an estate planning attorney who can determine the most appropriate arrangement, which might include creating an irrevocable life insurance trust (ILIT) to own the life insurance.

Handing Down Property: Property can be handed down through an irrevocable trust, or by creating a limited liability company, in which the grantors gift shares.