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How to Set Up a Life Insurance Trust
You can choose to set up a life insurance trust to alleviate heirs from heavy taxes imposed on your estate when you die. While life insurance itself will pass to the named beneficiary upon death, it is...
View ArticleAbout Life Insurance Trusts
Life insurance trusts can be very useful for those planning on leaving large sums of money to others when they pass away. They can be a way to avoid estate tax if done properly, but there are several...
View ArticleHow to Set Up a Life Insurance Trust for a Child
Passing on wealth to your children at your passing can be done in many ways. Parents can leave their children cash, securities, real estate, family heirlooms and more. Parents wishing to maximize the...
View ArticlePros & Cons of a Life Insurance Trust
Life insurance trusts are tax-advantaged entities designed to distribute claims to the beneficiaries efficiently. The chief advantages are that funds paid out through life insurance trusts are not...
View ArticleHow to Cancel an Irrevocable Trust Life Insurance Policy
An Irrevocable Life Insurance Trust is a type of trust used to purchase life insurance only on the life of the trustees. The life insurance is not owned by the trustees and thus the benefits paid are...
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Life Insurance Trust Agreements
Life insurance trust agreements establish the trust as the owner of life insurance. There are many reasons that you might want to use one of these trusts to hold and own your insurance policy or...
View ArticleWhat Is an Irrevocable Life Insurance Trust and How Does It Work?
An irrevocable life insurance trust is a special type of trust designed to purchase and hold life insurance policies. The policies are held outside of your estate and are thus not subject to estate taxes.
View ArticleRestrictions of an Irrevocable Life Insurance Trust
An irrevocable life insurance trust, or ILIT, is designed to provide immediate benefit to your beneficiaries or estate upon your death. It bypasses probate court, ensuring that the proceeds of the...
View ArticleHow an Irrevocable Life Insurance Trust Works
An Irrevocable Life Insurance Trust, or ILIT, is often recommended by financial planners as a way to lower the taxable value of an estate and save beneficiaries money, while also providing for the...
View ArticleHow to Create a Trust From Your Life Insurance for a Child
There is no guarantee that a parent will survive to see a child graduate from high school or college. Many parents buy life insurance designating children as the beneficiaries of the death benefits....
View ArticleShould an Irrevocable Life Insurance Trust Be Funded With Term Insurance?
The principle behind establishing an irrevocable trust is two-fold. The first is to get assets out of a taxable estate, and avoid estate taxes that could eat up more than half of the assets. The other...
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How to Write a Will When You Have a Handicapped Child
The last thing you want to worry about is the care of a disabled child should something happen to you. Long-term care can be expensive, costing as much as $100,000 a year -- or more -- for a disabled...
View ArticleCan a Trust Own a Life Insurance Policy?
Life insurance is often thought of as being owned by a business or an individual, but trusts can own life insurance policies too. A trust set up to own life insurance is a very special type of trust,...
View ArticleHow to Set Up a Trust for a Minor Child's Life Insurance
A trust offers a safe and effective way for a trust grantor --- a person who creates a trust --- to pass on assets to an heir or beneficiary of his estate, such as a minor child. Because life insurance...
View ArticleWhat Are the Benefits of an Irrevocable Life Insurance Trust?
An irrevocable life insurance trust is an estate planning tool created for the purpose of holding a life insurance policy. An individual can set up a trust, place a life insurance policy in it and name...
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Can an Irrevocable Trust Be Reversed?
When you create any trust, the ownership of assets and property that would ordinarily be part of your estate transfers to another legal entity, the trust. The assets don't have to pass through probate...
View ArticleHow to Use a Family Trust to Remove Assets From an Estate
Establish a family trust to designate how you want your estate to be distributed upon your death. Trusts also help avoid costly and lengthy probate court procedures. In terms of estate planning, most...
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Definition of an Insurance Preservation Trust
When an individual covered by a life insurance policy dies, the proceeds from the policy may be subject to estate tax. Life insurance placed in an insurance preservation trust is exempt from these...
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How to Dissolve an Insurance Trust
Trusts may be established as revocable or irrevocable. Revocable trusts may be changed or dissolved by the grantor, the creator of the trust, at any time. The trust property belongs to the grantor but...
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