Responding to Positive COVID-19 Test Results in the Workplace
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An ILIT cannot be rescinded, amended, or modified after its creation and its beneficiaries cannot be changed.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.
Associate Attorney Collin Bullard writes about the disadvantages of a general partnership in his blog.
Disadvantages of a General Partnership
www.ws-law.com
Disadvantages of a General Partnership The Texas Business Organizations Code defines a partnership as “an association of two or more persons to carry on a business for profit.” Whether those indiv...1 CommentComment on Facebook
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Waldron and Schneider wishes Partner Richard Simmons a happy early 50th birthday!!!
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Congrats, Richard. Make sure to have some fun tomorrow.
HAPPY EARLY BIRTHDAY DAD
Happy Birthday!!🎉🎂
Associate Attorney Collin Bullard writes about the importance of buy sell agreements in his blog.
The Importance of a Buy/Sell Agreement
www.ws-law.com
The Importance of a Buy/Sell Agreement Many small business owners understand the importance of creating an LLC or similar entity to protect the individual owners from potential liabilities of the c…1 CommentComment on Facebook
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Congratulations to Emily Simmons (daughter of partner Richard Simmons) who competed in the National American Miss Pageant this weekend! She was the Heart of service Winner!!! 4th runner up overall!! 3rd in Casual wear!!!
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