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In Pennsylvania, all irrevocable trust questions, how many

In Pennsylvania, all irrevocable trust questions, how many witness signatures do you need for an irrevocable life insurance trust document when the settlor and trustee sign? If the life insurance in the ILIT costs one million dollars. Do you need to declare a gift to the trust with the IRS or whom?

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Irwin Law

Juris Doctor JD

 
8,074 satisfied customers
We live in CT. We have a house worth over 1M with 80% of it

We live in CT. We have a house worth over 1M with 80% of it financed by mortgage, a few bank accounts with just under 100K combined. We are in the process of getting a 2M life insurance policy. Read up quite a bit online about different scenarios and thinkingthat we should setup irrevocable life insurance trust which will hold my policy and pay premiums for it. Would like to put the house into a revocable trust but I am afraid the cost for setting up 2 trusts will be very high. Any suggestions on how to setupour fairly straightforward scenario without incurring excessive costs.

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RayAnswers

Lawyer

Doctoral Degree

 
33,942 satisfied customers
Question on irrevocable life ins trust.mother passed away step father main beneficiary but

question on irrevocable life ins trust.mother passed away step father main beneficiary but her children are beneficiary also. insurance paid the check to the trustee and the step father had the check put into a life trust for him without asking children . is this legal?

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5,052 satisfied customers
We are looking to set my mothers assets into a irrevocable

We are looking to set my mothers assets into a irrevocable trust, the beneficiaries of trust will be two children. The funding of trust account will be about $150,000. This is exclusive of her home which may be placed into another trust.What are the tax complications, if any to my mother or the trust.

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5,052 satisfied customers
Are you familiar with ILIT's? If so, do you know if an ILIT

Are you familiar with ILIT's? If so, do you know if an ILIT can contain an LLC in its list of trust beneficiaries or must the trust beneficiaries all be individual persons?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

 
44,784 satisfied customers
Can the beneficiary of a life insurance policy be changed without

Can the beneficiary of a life insurance policy be changed without the legal consent of the prior beneficiary. Are there any legal responsibilities to the previous beneficiary who is now being excluded as a beneficiary. Is it necessary to include this change of beneficiary explicitly in a will?

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J. Warren

Attorney

Doctoral Degree

 
3,870 satisfied customers
If your spouse dies and their is a marital /by pass trust established

If your spouse dies and their is a marital /by pass trust established which are funded and irrevocable at the time of the first spouse dies. Would the survivors company based life insurance policy be required to be considered and funded in the Marital /Bypass Trust ? It was earned during the time the first spouse was alive and the survivor spouse had retired.

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LegalGems

Juris Doctorate

 
12,238 satisfied customers
what can you do if you lose a trust agreement for an irrevocable

what can you do if you lose a trust agreement for an irrevocable life insurance trust. I have the policy and application. The beneficiary is the irrevocable trust of my ex-husband. He told me I was the beneficial and would receive the interest income. He claims he has lost the trust agreement. he is an attorney and we had a prenup. I got nothing after divorce because the prenup gave me nothing. He tricked me. He first said they could make assumptions and recreate the trust agreement. Now he claims its a real problem and all the money will be lost. I am not sure what he means the premium has always been paid but his brother is the trustee and never informed me of the payments and withdrawal options. Since divorced can I as an irrevocable beneficiary be removed? If recreating it was set up in 1991 and it was to benefit me and our infant daughter. It is many millions. The insurance was never discussed during the divorce. He has no will and had cancer that could return

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Infolawyer

Attorney

Juris Doctor.

 
36,612 satisfied customers
thank you for your help today , i am a beneficiary of an irrevocable

thank you for your help today , i am a beneficiary of an irrevocable life insurance trust of my father. he is still alive however the trustee passed away and no successor trustee had been named . can i as his son and one of the beneficiary of the trust also be named trustee ?

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Infolawyer

Attorney

Juris Doctor.

 
36,612 satisfied customers
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