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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An ILIT cannot be rescinded, amended, or modified after its creation and its beneficiaries cannot be changed.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.
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Partner Vanessa J. Maduzia was interviewed by Sara Blumenfeld with Networking Done Differently regarding her areas of practice.
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Vanessa J. Solis-Maduzia’s Interview with Sara Blumenfeld with Networking Done Differently Partner Vanessa J. Solis-Maduzia was recently interviewed by Sara Blumenfeld with Networking Done Different...0 CommentsComment on Facebook
Collin Bullard writes about a recent court decision regarding a new attempt to pierce the corporate veil in his blog.
A New Attempt to Pierce the Corporate Veil
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Piercing the corporate veil means to disregard the limited liability protection of an entity for its owners and attack them directly.0 CommentsComment on Facebook
Congratulations to Partner Richard Simmons and his dance partner Eva de Cardenas for winning the Dancing with the Stars - Bay Area Mirror Ball.
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Fabulous!! Congratulations to two amazing people who serve our community well🥰
Collin Bullard writes about a recent court decision that choose where a person can file their lawsuit in his blog.
Recent Court Decisions: Choosing Where You Litigate
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A forum selection clause allows the parties to a contract to decide where they will go to court if there is someday a lawsuit relating to the contract.0 CommentsComment on Facebook
Collin Bullard writes about the Corporate Transparency Act and what small businesses need to be aware of.
Small Businesses Beware: The Corporate Transparency Act
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The Corporate Transparency Act begins requiring most entities to file registration documents with the Financial Crimes Enforcement Network.0 CommentsComment on Facebook