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Who manages or administers the trust and the trust funds?

Typically, the Settlor appoints a Trustee who manages and administers the Trust assets. The Settlor (in a Letter of Wishes) and in the trust document itself, outlines exactly how the trust operates. When naming a Trustee, the Settlor wants to make sure that the Trustee will act in accordance with the Trust objectives and adhere to the outlined provisions. Typically a professional Trustee is used who is bonded or part of a larger organization such as a Trust Company, Bank or International Investment Organization. A Private Trustee may also be used.

 

What is a Trust?

What is the purpose of an Asset Protection Trust?

Do we want a Foreign or Domestic Trust?

What is a Domestic Asset Protection Trust?

What is a Foreign Asset Protection Trust?

Are my life long accumulated assets susceptible to creditor attack?

How does an Asset Protection Trust operate?

Who manages or administers the trust and the trust funds?

Does an Asset Protection Plan make sense for me?
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THE IRREVOCABLE LIFE INSURANCE TRUST

Life insurance is something that many of us own. For some, it is simply a means to provide additional support for our family. For others, it may play a greater role in overall estate and tax planning. Unfortunately, many people are unaware of the potential tax consequences of how such policies are held, or in some cases who the beneficiaries are. Life insurance proceeds can fall outside of an insured’s estate, which is extremely beneficial from a tax planning perspective. However, this will not always occur, and the ramifications can be extremely costly.

By owning life insurance on their own lives, many people unknowingly risk the possibility of having the proceeds of that policy become subject to estate taxes. When one owns...

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