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An ILIT cannot be rescinded, amended, or modified after its creation and its beneficiaries cannot be changed.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.
Partners Kimberly Bartley and Vanessa J. Maduzia attended the Clear Creek Education Foundations Regency Gala: A Royal Affair.
Love it!!!
Awesome‼️
Partner Mark Rubal, a University of Houston Alumni, and Enrico attended the UH Basketball against the Cincinnati Bearcats. Pictured below with Dana Holgerson, the UH head football coach. Also pictured with Renu Khator, President of the University of Houston
Phenomenal lawyer...
Partner Richard Simmons gave a presentation this morning for the Seabrook Rotary Club about Bay Area’s Communities in Schools—helping children stay and succeed in school to set them up for future success.
Associate Attorney Shawn Williamson writes about whether a person can sue a school in his blog.
www.ws-law.com
What if there is an incident at school? Does a parent have the right to hold the school and its employees accountable under the law?