Living Trust. Download online state specific estate planning (revocable living trust) documents. Void Probate
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Irrevocable life insurance trust
An irrevocable life insurance trust (ILIT) can remove your life insurance from your taxable estate, help pay estate costs and provide your heirs with cash for a variety of purposes. To remove the policy from your estate, you surrender ownership rights, which means you may no longer borrow against it or change beneficiaries.
In return, the proceeds from the policy may be used to pay any estate costs after you die and provide your beneficiaries with tax-free income. That can be useful in cases where you leave heirs an illiquid asset such as a business. The business might take awhile to sell, and in the meantime your heirs will have to pay operating expenses. If they don't have cash on hand, they might have to have a fire sale just to meet the bills. But proceeds from an ILIT can help tide them over.
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Return to all Living Trust legal information
Legal Articles about Living Trust
Living Trust Frequently Asked Questions
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Problems Solved by Estate Planning
A living trust can solve many of the problems encountered in estate planning. Some ...
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Try to Avoid Probate with Living Trust
First of all, what is probate? We've heard various things about probate and we pretty ...
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The AB Living Trust Saves Taxes
Some people must consider federal estate tax when planning their finances. Estate tax ...
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Tax Secrets: Let's marry two super tax strategies
Naples Daily News
Long-time readers of this column know that I often write separate articles about the tax magic of an ILIT (irrevocable life insurance trust) and an IDT (intentionally defective trust). An ILIT is often called “the super trust” because it allows the ...
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Questions Docs Must Ask Before Buying Life Insurance
Psychiatric Times
Insurance proceeds left to a spouse are tax free, but that may or may not be true for your other heirs. Factors to consider include who they are and if you have an estate tax exposure. In some cases an irrevocable life insurance trust (ILIT) may be ...
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