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ILITs function like all other trusts, except that they are funded specifically by life insurance policy benefits. A trustee is appointed to supervise and distribute the assets according to the grantor’s wishes rather than following the standard one lump-sum distribution of life insurance benefits to beneficiaries. Many people prefer to distribute assets gradually to minor children or beneficiaries who have trouble managing money. Additionally, the trust, not the grantor, owns the assets, which is how the money in an ILIT is able to circumvent the estate tax. Benefits in an ILIT are also protected against the grantor’s creditors and the beneficiaries’ creditors, so long as the proceeds remain in the trust after the grantor’s death.
An ILIT cannot be rescinded, amended, or modified after its creation and its beneficiaries cannot be changed. While this prospect may be daunting, experienced estate-planning attorneys at Waldron & Schneider are here to assist you in setting up an ILIT suited for your financial plans.
The legal information in this blog entry is not intended to be a substitute for seeking personalized legal advice from an attorney licensed to practice in your jurisdiction. Further, nothing contained in this article is intended to create an attorney-client relationship with any reader. This article and website are made available by Waldron & Schneider for educational purposes only and to give basic information and a general understanding of the law, not to provide specific legal advice. By using this website you understand that there is no attorney client relationship between you and Waldron & Schneider. The article and website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. For more information or questions you can contact us and one of our attorneys will be in touch soon.
Waldon & Schneider would like to recognize and thank all our professional administrators for their hard work and dedication. Thank you all for what you do!!!
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Partners Kimberly Bartley and Vanessa J. Maduzia attend the Second Chance Pets Gala where Waldron & Schneider, PLLC was a proud sponsor.
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Despite being a cloudy day, the staff of Waldron & Schneider had a great time viewing the eclipse in between the clouds with their solar eclipse viewing glasses.
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After 40 years as a crab fisherman, I added a new chapter by working at a fish plant. Despite my love for playing the lottery, winning was a problem until I found Lord Bubuza's lottery spells online. I was Skeptical at first, but my wife Nancy encouraged me to try him. I Followed his instructions and provided his requirement to cast the spell, I played Lotto 649 with the numbers he gave me. To my surprise, I won $64 million, Nancy and I traveled to Moncton to claim the prize, and I'm now retiring from fishing, I'm grateful for Lord Bubuza's lottery spell. For those seeking lottery success, I recommend him. Contact him at lordbubuzamiraclework @ hotmail . com or WhatsApp: +1 505 569 0396
Associate attorney Collin Bullard writes about post marital agreements in his blog.
www.ws-law.com
Post-marital agreements may additionally be referred to as postnuptial, partition, or exchange agreements, depending upon the source.1 CommentComment on Facebook
After 40 years as a crab fisherman, I added a new chapter by working at a fish plant. Despite my love for playing the lottery, winning was a problem until I found Lord Bubuza's lottery spells online. I was Skeptical at first, but my wife Nancy encouraged me to try him. I Followed his instructions and provided his requirement to cast the spell, I played Lotto 649 with the numbers he gave me. To my surprise, I won $64 million, Nancy and I traveled to Moncton to claim the prize, and I'm now retiring from fishing, I'm grateful for Lord Bubuza's lottery spell. For those seeking lottery success, I recommend him. Contact him at lordbubuzamiraclework@hotmail.com or WhatsApp: +1 505 569 0396
Associate Attorney Collin Bullard writes about enforcement of an unwritten contract in his blog.
Enforcement of an Unwritten Contract
www.ws-law.com
Under Texas law, these “oral contracts” are enforceable with the same legal requirements as a physical contract.0 CommentsComment on Facebook