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“Living Trusts: Death and Taxes” Presentation by Blaine M. Searle and Peter Kote for the fall 2020 workshop series

When to Use a Life Insurance Trust, Benefits of an ILIT, How Does the ILIT Work?

Let’s review some of the basic principles of the living trust

Trusts are an excellent way to provide for the support and care of children while protecting them.

A revocable living trust is one of the principal estate planning methods. While everyone should have a will, there are many benefits of a revocable living trust.

Any trust created during someone’s lifetime is a “living trust.” However, the expression usually refers to revocable trusts.

The irrevocable trust today is nothing like the typical trust of only a few years ago.

In its simplest form, income tax basis is the cost to buy an asset, which includes the purchase price plus costs and transfer fees.

Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function: It protects the principal from being rapidly spent by a child. These trusts have a specific name—they are called “spendthrift” trusts.

We log into our email, social media and bank accounts, perhaps dozens of times a day, without thinking about how effortlessly we manage our lives online. But have you ever thought about what happens to these accounts when you die?