San Jose Irrevocable Life Insurance Trusts Attorney
Understanding Irrevocable Life Insurance Trusts (ILITs)
An irrevocable trust is a trust agreement which cannot be changed once
the agreement has been finalized and signed. Irrevocable trusts are commonly
set up in order to protect assets and estates from being subjected to
massive estate taxes and in order to ensure the trust maker's beneficiaries
receive access to the estate as originally intended.
Another way individuals can protect their estate and provide for their
loved ones is through the establishment of irrevocable life insurance
trusts, also known as insurance trusts. An irrevocable life insurance
trust is a trust set up for the sole purpose of being the owner of a life
insurance policy. When a life insurance policy is established in this
manner, the policy proceeds are not subject to estate taxes when the policy
The benefits of preparing and using irrevocable life insurance trusts,
or ILITs, include the avoidance of estate taxes, reducing the amount of
your taxable estate, providing a way for your beneficiaries to be able
to pay your estate taxes (due to the extensive size of your estate), and
the ability to set up rules or limits as to exactly how and when money
will be distributed to your beneficiaries.
Legal matters can be complex, however, and when it comes to life insurance
trusts and other estate planning, it is essential your documents and preparations
are not only accurate but exact. That is why it is important to contact
a San Jose irrevocable life insurance trusts lawyer at WealthPLAN, PC today.
They can evaluate your specific situation in order to help you determine
the best options for protecting your assets, providing for your family
and meeting your estate planning needs.
Irrevocable Life Insurance Trusts Lawyer Serving San Jose
With over 30 years experience in estate planning, advanced estate planning,
tax, trust administration and litigation, WealthPLAN, PC is who you want preparing
your irrevocable life insurance trusts and other estate planning documents.
They understand how important it is to ensure your family and beneficiaries
are taken care of in the event of your death. Their team is there to evaluate
your needs and assist you in making the smart, timely choices which will
not only reduce the exposure of your estate to taxes, but also allow your
beneficiaries to receive your assets and estate as you originally intended.
To schedule a confidential consultation in order to discuss your irrevocable
life insurance trust and estate planning needs, contact a San Jose irrevocable life insurance trusts attorney
at WealthPLAN, PC today.