Harris Texas Irrevocable Trust Funded by Life Insurance

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Multi-State
County:
Harris
Control #:
US-01372BG
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Word; 
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Description

One principal advantage of insurance trusts is that they permit a greater flexibility in investment and distribution than may be effected under settlement options generally included in the policies themselves. Another advantage is that such trusts, like other gifts of insurance policies, may afford substantial estate tax savings.

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FAQ

For those using life insurance to fund a trust, be sure you have made that clear via beneficiary designations. If the parents pass away, the life insurance policies would pay out to the trust. The designated trustee would then manage the trust assets on behalf of the minor children.

An irrevocable trust or a revocable trust can both be listed your life insurance beneficiary, and they each come with their own set of pros and cons. Most young families (including my own) have a revocable trust.

Irrevocable Living Trusts are funded in exactly the same way as Revocable Living Trusts. The primary difference between the two products is in retaining control over the funds.

In general, when a trust runs out of assets, the purpose of the trust is considered fulfilled and the trust may be terminated. Depending on the circumstances, the trust may need to be officially dissolved by obtaining court approval.

And the trust beneficiaries you name will receive the trust assets after you die. The trustee purchases an insurance policy, with you as the insured, and the trust as owner and (usually) beneficiary. The trustee makes sure the trust is properly administered and the insurance premiums promptly paid.

An irrevocable trust cannot be changed or modified without the beneficiary's permission. Essentially, an irrevocable trust removes certain assets from a grantor's taxable estate, and these incidents of ownership are transferred to a trust.

D83edd14Understanding irrevocable trusts Irrevocable trusts are trusts that cannot be changed once established. Once the trust's grantor (the person creating the trust) creates and funds the account, he or she cannot change it by adding or removing beneficiaries or altering its terms.

The revocable trust can be used to own the life insurance or be the beneficiary of the life insurance. The benefit of the revocable trust holding the life insurance is that if you were to become incapacitated, your successor trustee will be able to keep administering the life insurance policy on your behalf.

Trust Funds can contain money, bank accounts, property, stocks, businesses, heirlooms, and any other investment types. These assets remain in the Trust until certain circumstances are met, at which point they will be distributed to the beneficiaries.

An irrevocable trust or a revocable trust can both be listed your life insurance beneficiary, and they each come with their own set of pros and cons. Most young families (including my own) have a revocable trust.

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Harris Texas Irrevocable Trust Funded by Life Insurance