Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

Category Archives: Irrevocable Life Insurance Trusts

Subscribe to Irrevocable Life Insurance Trusts RSS Feed

Trust Protector Can Provide Added Flexibility For An Irrevocable Trust

Posted in Asset Protection Strategies/Alternatives, Irrevocable Life Insurance Trusts, Offshore Trusts, Ohio Legacy Trusts
A recent article in the New York Times by John F. Wasik provides an excellent discussion of trust protectors.  Many states now allow for trust protectors – – someone other than the trustee who essentially provides some checks and balances in a trust arrangement. A trust protector is a bit like a watchdog.  He or… Continue Reading

Trusts Require Flexibility

Posted in Asset Protection Strategies/Alternatives, Domestic Asset Protection Trusts, Irrevocable Life Insurance Trusts, Offshore Trusts, Ohio Legacy Trusts
Asset protection planning (and estate planning) frequently involves the use of one or more trusts. Possibilities include an offshore trust, Domestic Asset Protection Trust, irrevocable life insurance trust and various other kinds of trusts.  Most of these trusts are designed to last for many years. It is therefore important to give the trustee the flexibility to adjust… Continue Reading

Surrendering Some Control of Your Assets Required for Asset Protection Trust

Posted in Domestic Asset Protection Trusts, Irrevocable Life Insurance Trusts, Offshore Trusts
Any trust that can help protect your assets from creditors requires that you surrender at least some control over those assets. This goes for an offshore trust; a so-called "domestic asset protection trust"; an irrevocable life insurance trust; and any other trust that gives you creditor protection. If you think about it, this is just common sense. If… Continue Reading

Irrevocable Life Insurance Trusts Provide Excellent Asset Protection

Posted in Irrevocable Life Insurance Trusts
Irrevocable life insurance trusts (ILITs) can be a great estate planning tool under the right circumstances. ILITs have the added benefit of providing significant asset protection.  Life insurance owned by an ILIT is not generally part of the insured’s estate (for both federal and Ohio estate tax purposes).  An ILIT will be most effective if it… Continue Reading
.