Examples consist of irreversible life insurance trusts,life time gifting trusts such as certified personal house trusts,grantor kept annuity trusts (GRAT for short),and spousal lifetime access trusts (SLAT for short).
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When an account holder of a joint account passes away,the surviving joint account holders get title to the account’s remaining funds steveblisslaw com Estate Planning Attorney You can,for example,have the policy’s profits paid out immediately to one or all of your recipients.
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Likewise,there are gift-tax factors to consider if an existing policy is used for an ILIT (858) 278-2800.
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Uncle Sam lets you do this due to the fact that he plans to collect the taxes when your surviving spouse dies.
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It efficiently names your trust as recipient of any property it does not currently hold and that does not pass directly to a living beneficiary through some other ways,such as a recipient classification on a life insurance policy or a retirement account.
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I passed the CPA examination in Massachusetts in 1985 but am not licensed as a CPA in California.
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In most cases,this process may be as simple as filling out Firms required by the bank.