Sentences with phrase «life insurance trusts designate»
This issue should be considered, especially where irrevocable life insurance trusts designate beneficiaries who are also successors in a family business.
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The irrevocable life insurance trust agreement includes the terms of the trust AND designates certain younger beneficiaries to receive the trust assets upon death.
By designating an irrevocable trust to hold the private placement life insurance, assets can grow outside of the taxable estate.
Beneficiary: Any person or entity designated to receive benefits from life insurance, annuities, or trusts.
For example, if you've created a family living trust as part of your estate plan, you need to decide if it should be the designated beneficiary of your cash value life insurance policy.
Planned giving brochures: The Heart of Planned Giving The Art of Planned Giving Transfer Your Value and Values Taking Refuge in a Trust Charitable Gift Annuities Gifts can also be made to DVIS when a donor designates DVIS as the beneficiary on their life insurance, IRA, or Pension Plan.
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A great route to take when deciding on who should receive the proceeds of your life insurance is designating your living trust as the life insurance contingent beneficiary with your spouse as the primary beneficiary.
For example, if you've created a family living trust as part of your estate plan, you need to decide if it should be the designated beneficiary of your cash value life insurance policy.
If you designated your family living trust as such, the death benefit of your cash value life insurance policy will flow into the trust and your successor trustee will have the obligation to manage it and utilize the tools provided in your living trust for the maximum benefit of your estate and your beneficiaries.
The irrevocable life insurance trust agreement includes the terms of the trust AND designates certain younger beneficiaries to receive the trust assets upon death.
Another option is to set up an irrevocable life insurance trust and designate it as your policy's primary beneficiary.
That's why you may want to either open an insurance trust fund or designate as beneficiary someone who lives in your house and who will be directly affected by the mortgage loan.
Beneficiary — The individual (s) or entity (e.g., trust) that is designated as benefit recipient to receive the death benefit of a life insurance policy.
In addition to the policy specifically designated to fund a special needs trust, it is common for parents to take out life insurance policies on each other.