if i have a .33.3% interest in an irrevocable life insurance trust valued at 550,000.00 what rights do i have ? for example can i take out a loan for my childrens education etc.? my father and mother are 85 years old and the policy has a 550,000.00$ death benefit and he has end stage emphysema.
HelloCustomer
If you are correct, you have a less than 1% interest in this life insurance. If you meant 33.3%, that is significantly more. You cannot borrow from this trust, because you do not own it yet. You possibly could arrange to borrow some money and convince a bank or other lender to use your future inheritance as collateral.
the life insurance policy is in full force and if you add the cash value and death benefit as i said earlier it is approx. 550,000.00$.yes i am the 1/3 interest. who would be the best type of lender?
I would try a bank, but not an ultra conservative bank. Perhaps one that is "locally owned" rather than a large entity, like Wells-Fargo. They are more willing to take a chance because they can check out the situation first-hand and possibly easier to convince them to take the chance.