Other Services: 

 

Irrevocable Life Insurance Trust:  An irrevocable life insurance trust is a type of living trust that is designed to hold the ownership of a life insurance policy.  These trusts allow you to reduce your estate tax liability and control how the life insurance proceeds are distributed to beneficiaries.

 

Buy/Sell Agreement:  Buy/sell agreements are used to ensure stable ownership of a company in the event one of the owners retires, becomes disabled or dies.  Members of the buy/sell agreement agree to sell their ownership stake in the company to the other members of the agreement or back to the company.  The agreement establishes a price for that interest in the business and, often times, a life insurance or disability policy is then taken against that member to fund the agreement.

 

Transfer of Assets:  A change in ownership of an asset, or a movement of funds and/or assets from one account to another.  This often includes transferring or retitling individual assets to a revocable trust in order to shield those assets from going through probate.

 

Irrevocable Trust:  An irrevocable trust is a trust that cannot be modified or terminated without the permission of the beneficiary.  Once the grantor has transferred assets into the trust, he/she no longer has any ownership rights to those assets or the trust.

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Special Needs Trust:  A special needs trust allows a physically or mentally disabled or chronically ill person to receive income without reducing their eligibility for disability benefits provided by Social Security, Supplemental Security Income, Medicare or Medicaid. This is a popular strategy for those who want to help someone in need without taking the risk that the person will lose their eligibility for programs that require their income or assets to remain below a certain limit.

 

Charitable Trust:  In addition to generating goodwill, Philanthropy through charitable contributions has significant income and estate tax benefits for donors. A great way to accomplish this goal is through the use of charitable trusts.  A charitable trust is not tax exempt, and its unexpired interests are usually devoted to one or more charitable purposes. A charitable trust is allowed a charitable contribution deduction and is usually considered organized as of the first day on which it is funded with amounts for which a deduction was allowed. 

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