A trust set up to buy life insurance coverage or to become the owner of an existing policy. When a policy is owned by a trust, the death benefit is not counted as part of the insured person's estate for estate-tax purposes.
A trust that uses the proceeds of decedent's life insurance policy as its principal.
A trust established for the purpose of distributing life insurance proceeds and, in many cases, to remove those proceeds from the insureds' estate, thereby reducing estate taxes.
A trust that is usually set up for the purpose of excluding the proceeds of life insurance from the grantor's and the spouse of the grantor's estate for death tax purposes. It is an irrevocable trust.
A type of inter vivos trust. The only thing in the trust is a life insurance policy. This type of trust is not subject to probate or estate tax if the person who makes the trust does not die within the next 3 years.
An irrevocable trust established to keep life insurance out of a person's taxable estate.
A trust for the purpose of distributing life insurance proceeds. Life insurance companies usually cannot act as trustees or guardians, nor exercise discretion in making payments to beneficiaries. In some cases, it is advisable to have policy proceeds paid to a designated trustee and distributed under the terms of a trust agreement, thereby permitting greater flexibility in the distribution of the proceeds. Such an arrangement constitutes an unfunded life insurance trust. Under a funded life insurance trust, the trustee is given not only control over the policy proceeds but also securities or other property to provide funds out of which to pay the premiums.
A type of agreement establishing a trust for the named beneficiary of a life insurance policy. Proceeds are distributed as defined in the trust agreement following death of the insured.
An agreement that establishes a trust for the designated beneficiary(ies) of a life insurance policy. Upon the death of the insured, the trust is legally obligated to pay the death benefit proceeds in the manner specified in the trust agreement.
a irrevocable trust that will help you reduce your estate taxes
an irrevocable trust funded with life insurance
an irrevocable trust in which a life insurance policy is the chief asset
an irrevocable trust specifically designed to hold life insurance
a trust that is set up for the purpose of owning a life insurance
An irrevocable trust designed to own life insurance and reduce the size of the original ownerâ€(tm)s taxable estate. Frequently known as an ILIT (irrevocable life insurance trust).
A trust funded from money provided from life insurance.
An irrevocable trust that owns a person's life insurance policy as its principal asset. Properly created and maintained, the proceeds of the life insurance policy owned by a life insurance trust may not be considered as part of the decedent's Gross Estate for estate tax purposes. Sometimes called an Irrevocable Life Insurance Trust or "ILIT".
This is an irrevocable trust which is generally established for the purpose of excluding life insurance proceeds from the estate of the insured and the spouse of the insured for death tax purposes.
An irrevocable trust designed to hold life insurance policies on the life of the grantor to exclude those policies from the grantor's taxable estate for estate tax purposes. Typically includes provisions for rights of withdrawal by beneficiaries to qualify premium payments as annual exclusion gifts, as well as provisions for continuing testamentary trusts after the grantor's death for the grantor's spouse, children and other beneficiaries.
an irrevocable trust established to hold (own) a life insurance policy.
A type of trust that consists of life insurance policies owned by the trustees and payable to the trust on the death of the insured.
A trust that owns a life insurance policy and will receive the policy proceeds upon the insured's death.
A life insurance policy that has a trust named as the beneficiary instead of an individual. The trust then makes payouts and disbursements of funds based upon the terms and conditions that the trust was formed under.
An irrevocable trust which is owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for the beneficiary(ies).
A type of Life Insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement.
A trust that has the proceeds of a person's life insurance policy as its principal.
A trust that has the proceeds of an individual's life insurance policy as its principal.