Estate Planning

Basics of Life Insurance Trusts

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Basics of Life Insurance Trusts | The Pollock Firm LLC

Trusts can be a wonderful tool for tax planning. If your death is likely to cause an estate tax or an inheritance tax, you should understand the basics of life insurance trusts. An irrevocable life insurance trust (ILIT) is one the most common form of trusts and is the base for many other trusts such […]

Estate Planning

Nice Article on the Basics of ILITs

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The Basics of ILITs

A colleague of mine, David Saltzman, has written a nice article on the Basics of Irrevocable Life Insurance Trusts.  As he points out, setting up a life insurance trust is a great way to minimize your estate tax liability and it can be especially important in New Jersey. Dave is a great resource and knows […]

Business Succession Planning

Estate Planning with Illiquid Assets

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Estate Planning with Illiquid Assets

One of the trickiest items that we must deal with as estate planners is to help clients transfer illiquid assets. Illiquid assets can include: retirement plans ownership in a family business real estate collectibles (such as artwork, baseball cards and comic books) expensive vehicles and even animals (such as thoroughbreds and show pets) Illiquid assets are tricky […]

Estate Planning

Benefits of a Life Insurance Trust

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Benefits of a Life Insurance Trust

I. What is a Life Insurance Trust? Legal Relationship A trust is a relationship that exists when one person or an entity (the Trustee) holds legal title to money or property for the benefit of one or more individuals or organizations (the Beneficiaries). The terms of the relationship are decided by the person providing money […]