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Irrevocable Life Insurance Trusts Line by Line: A Detailed Look at Irrevocable Life Insurance Trusts and How to Change Them to Meet Your Clients' Needs download epub

by Nicole Bari Rubin,Pamela L. Rollins


Epub Book: 1175 kb. | Fb2 Book: 1614 kb.

FREE shipping on qualifying offers. Written by two practicing attorneys with more than twenty-five years of combined experience, Irrevocable Life Insurance Trusts Line by Line is a comprehensive examination of an irrevocable insurance trust agreement for an estate planning attorney. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.

An irrevocable life insurance trust (ILIT) is an important estate planning tool for families of high net worth. Reduce Estate Taxes with an Irrevocable Life Insurance Trust (ILIT). Learn about the pros and cons of ILITs. An Irrevocable Life Insurance Trust (ILIT) is a Powerful Estate Planning Tool.

Learn more about these and other reasons to own an ILIT. For example, leverage, especially in the early years of a policy, where you pay a small premium to lock in a large death benefit or the ability to time liquidity to an event (the death benefit).

But irrevocable life insurance trusts may still be a good idea if you need . With an irrevocable trust, deaths benefit are not part of your gross estate. An ILIT is a good idea if you have a significant amount of wealth and assets you need to protect after you pass.

But irrevocable life insurance trusts may still be a good idea if you need one. A grantor sets up and funds the trust while alive. If there are any gifts or transfers made to the trust, they’re permanent and can’t be changed.

It includes sample forms for a single life policy irrevocable life insurance trust and survivorship policy irrevocable life insurance trust along with notes to the drafter for each type of trust. In addition, the book contains an outline that can be used to give nontechnical guidance to your client, sample memorandum and cover letter to clients, and various forms regarding withdrawal rights. Accompanying CD-ROM contains the book s sample trust agreements and other forms.

That means once you've created it and placed an insurance policy inside it, you can't take the policy back in your own name. These funds may be used to replace a breadwinner's earnings, to ensure an important family goal (like a college education), or to cover burial costs or unpaid taxes. Yet, unless we exercise care, life insurance can create as many estate planning problems as it solves. Enter the Irrevocable Life Insurance Trust (ILIT). Like most trusts, is simply a holding device. It owns your life insurance policy for you, removing it from your estate.

life insurance trust - A trust set up to own a life insurance policy, so that the policy proceeds arent subject to estate tax when the original policy owner dies. Life insurance trusts are usually irrevocable. Category: Wills, Trusts & Estates → Estate Tax Nolo’s Plai. aw dictionary. Insurance Trust - An irrevocable trust set up with a life insurance policy as the asset, allowing the grantor of the policy to exempt asset away from his or her taxable estate. Once the life insurance policy is placed in the trust, the insured person no longe. Investment dictionary.

An ILIT is a trust whose primary purpose is to hold a life insurance policy and the cash needed to pay premiums . The named trustee manages the assets and ensures that they are invested appropriately to meet the future needs of the beneficiaries.

An ILIT is a trust whose primary purpose is to hold a life insurance policy and the cash needed to pay premiums on that policy. To set up an ILIT, you initially fund the trust with money to pay initial premiums, and then the trust purchases the life insurance policy naming you as the insured. The key to success with an ILIT is that the trust must be structured in such a way that it avoids giving you what are known as incidents of ownership. Once all the protective terms of the ILIT are met, the trust can terminate and make final distributions to its recipients.

A life insurance trust is an irrevocable, non-amendable trust which is both the owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries. If the trust owns insurance on the life of a married person, the non-insured spouse and children are often beneficiaries of the insurance trust.

Irrevocable Life Insurance Trusts Producer Guide 1 Irrevocable Life Insurance . An In-Depth Look at the ILIT An irrevocable life insurance

Irrevocable Life Insurance Trusts Producer Guide 1 Irrevocable Life Insurance Trusts For producer use only. Not for distribution to the public. An In-Depth Look at the ILIT An irrevocable life insurance. Special Needs Trust (SNT) Provides the disabled beneficiary with funds to supplement the state and/ or federal assistance he or she is currently receiving. In some states, a trust term can last for two or three generations and in certain states a trust can theoretically exist forever.

Written by two practicing attorneys with more than twenty-five years of combined experience, Irrevocable Life Insurance Trusts Line by Line is a comprehensive examination of an irrevocable insurance trust agreement for an estate planning attorney. This book explains the reasoning behind the various clauses in the trust agreement, noting those which may be customized for the donor and the boiler-plate language which should be in every irrevocable insurance trust agreement. The book covers key topics such as estate, gift, and generation skipping transfer taxes; incidents of ownership, the three-year rule, Crummey powers, and annual exclusion gifts. Irrevocable Life Insurance Trusts Line by Line is a valuable resource for any practicing estate planning attorney, as well as for any law student interested in trusts and estates law.

A CD-ROM is included, which provides searchable PDF and Word versions of the book and sample agreements.

About the Authors

Pamela L. Rollins is a Partner at Simpson Thacher & Bartlett LLP in New York City and is the Head of the Personal Planning Department. Ms. Rollins advises clients on estate planning and estate and trust administration. Her practice includes developing and implementing sophisticated strategies to achieve preservation and transmission of family wealth, while minimizing transfer taxes. Ms. Rollins received her AB from Cornell University in 1979 and her JD from Cornell University School of Law in 1982, where she was a Member and Note Editor of the Cornell Law Review. Ms. Rollins also received an MBA in 1984 from the Cornell Johnson School, the Graduate School of Management, and an LLM in taxation from New York University School of Law in 1990.

Nicole Bari Rubin is an Associate at Simpson Thacher & Bartlett LLP in New York City and a member of the firm's Personal Planning Department. Ms. Rubin received her BA from Binghamton University in 2004 and her JD from St. John's University School of Law in 2009, where she graduated cum laude and served as a Member of the St. John's Law Review. Ms. Rubin is a member of the American Bar Association and the New York State Bar Association.


Irrevocable Life Insurance Trusts Line by Line: A Detailed Look at Irrevocable Life Insurance Trusts and How to Change Them to Meet Your Clients' Needs download epub
Insurance
Author: Nicole Bari Rubin,Pamela L. Rollins
ISBN: 0314274219
Category: Business & Money
Subcategory: Insurance
Language: English
Publisher: West, Aspatore Books; Pap/Cdr edition (January 1, 2011)
Pages: 200 pages