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An ILIT cannot be rescinded, amended, or modified after its creation and its beneficiaries cannot be changed.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.
Partner Marc Schneider, on behalf of the Kathleen Cailloux Family Foundation, presented a grant to The Sanctuary Foster Care. The Sanctuary is a child placement agency that helps achieve permanent sanctuary and healing homes for children and families experiencing difficult times.
Waldron & Schneider attended Dennis Paul’s BBQ Fundraiser.
Pictured with State Representative Dennis Paul is Associate Attorney Janina Wojtkowski, Partner Richard Simmons and Associate Attorney Madison Moody.
Associate Attorney Madison Moody writes about small estates affidavit in her blog.
Avoiding Probate Court (Series II) – Small-Estate Affidavits
www.ws-law.com
Although formal court proceedings are typically required in order to properly transfer property after death, avoiding probate court and formal court proceedings is possible under certain circumstances...
Senior Associate Attorney Heather Benzenhoefer writes about the formation of a chartiable organization.
Making Your Charitable Dreams a Reality – Part One: Formation
www.ws-law.com
The attorneys at Waldron & Schneider enjoy helping clients make their charitable dreams come true by turning their charitable ideas and passions into an official charitable organization or private fou...Waldron & Schneider is a proud sponsor of the Bay Oaks Charity Classic supporting first responders, muscular dystrophy research and the employee assistance fund.