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Recent estate law questions
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?
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.
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.
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?
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.
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
thank you for your help today , i am a beneficiary of an irrevocableView more estate law questions
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 ?