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Life Insurance Trust Questions

What is a life insurance trust?

A life insurance trust is a type of trust that is irrevocable and non-amendable. This type of trust is set up to be the beneficiary of one or more life insurance policies and when the insured person dies; the trustee invests the insurance money and divides the money out to the beneficiary.

Can a person that has an irrevocable life insurance trust cash in the life insurance policy and close the trust?

In most cases an irrevocable policy cannot be changed by the person who sets the policy up, but the policy can be closed or emptied by the trustee. The only issue that the person may face is if they have a loan on the life insurance policy and if the person has a loan on the policy, then they would need to check the provisions of the loan to see what the person can do.

Would it be sufficient for a person to file a gift tax on monies that is gained from a life insurance trust?

If the gifts are less than $13,000 per person, then the person would not have to report this to the IRS. If the person has the trust set up as a life insurance trust or crummy trust, then this would not be considered to be a part of the deceased person’s estate.

If a person is married to someone who is in the country illegally, can he/she make the spouse a beneficiary of a life insurance policy?

The person’s spouse would not have to be a citizen of the country to be a beneficiary of the life insurance. It would be recommended that the person set up a life insurance trust for the proceeds of the life insurance to go into if something happens to the person. With the life insurance trust, the person could set the spouse as the beneficiary and have all benefits of the life insurance going to the spouse.

In the state of California, can a person change a life insurance trust once it is set up?

In most cases a life insurance trust is irrevocable, but the person would need to look at the language in the trust documents to see if the trust can be dissolved and what type of circumstances that the dissolving can take place. In the state of California, if the trust does not automatically dissolve after the divorce, then the person would have to go back to family court to get the judge to dissolve the trust. In most cases, when a divorce is filed then all wills or other types of paperwork that pertain to inheritance become null and void. In some cases some of these types of things need the courts to decide to dissolve the issue and a life insurance trust is generally one of these things.

A life insurance trust is a complicated subject. When a person sets up a life insurance trust or is a beneficiary of a life insurance trust, then they may have questions or concerns about the workings or rules of the life insurance trust. Consulting an Expert can clear up any type of confusion or questions that a person mat have regarding life insurance trusts.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
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Thomas McJD
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Wills, Trusts, Probate & other Estate Matters
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13 yrs estate law, real estate. Wills/Trusts/Probate

Recent Life Insurance Trust Questions

  • 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?
  • 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 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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