Life Insurance Trust Attorneys in Oklahoma City

Life Insurance Trusts in Oklahoma

An irrevocable life insurance trust in Oklahoma is a trust created to be the owner and beneficiary of life insurance policies with the purpose of keeping life insurance policies out of your taxable estate. Often known as an ILIT, an irrevocable life insurance trust must meet all requirements:

The insured should not have any ownership rights in the policy;
The insured shouldn't be a beneficiary of this policy; and
The insured should not be the trustee of the trust;
The trust and transfers are irrevocable and can't be changed.

Once an insured transfers an existing insurance coverage to the ILIT, the IRS will consider it a gift, and if the insured dies within three years of making the move, then the IRS will include all of the assets of the trust in the deceased's estate.

Upon the death of the insured, the trust could be installed to distribute the profits directly to the beneficiaries, or it can hold onto and administer the funds for people who may not have the ability to control the funds, like minors.

Some issues with irrevocable life insurance trusts:

Administrative costs;
Insured doesn't have access to cash value of life insurance coverage;
Cannot be used for Insured's advantage, such as inability to borrow from the policy;
Risk of indefinite future coverage payments, or a bad performing insurance product.

Administrative costs include the price of establishing the trust: the expenses of having a trustee handle the trust yearly require another tax identification number. If the trust's income exceeds the standard deduction for hope, now $100, then yearly income tax returns are required. Annual admissions to beneficiaries may also be required.

Of course any life insurance product has to be assessed like any other financial investment choice to ascertain whether it makes financial sense.

There are a number of complexities involved in estate planning with retirement accounts. To find out more about Standalone Retirement Trusts, please contact our office.

Why Call Ball Morse Lowe?

The attorneys at Ball Morse Lowe have built a respected reputation over the decades for providing sophisticated counsel in complex oil, gas, and energy law matters, business law cases, transactions, estate planning, and family law matters. We take pride in assisting individuals and families with their legal concerns. Personable and responsive, our lawyers craft documents and develop strategies tailored to each client's unique goals and needs.

Ball Morse Lowe PLLC is committed to providing excellent service and sound solutions to our clients in a cost-effective manner. From our offices in Norman, Oklahoma City, Edmond, Stillwater, Frisco, and Denver, our attorneys provide services throughout the Oklahoma City, DFW, and Denver Metros and in other states, including Texas, North Dakota, Ohio, Colorado, California, Wyoming, and New Mexico.

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Ball Morse Lowe is a recognized law firm that serves clients across Oklahoma, Texas, and Colorado.

Our lawyers have extensive experience handling a wide range of practice areas, including family law, estate planning, litigation, real estate, oil, gas and energy, business & commercial, and much more.

Our firm is devoted to providing each client with all the resources of a large firm but with the individualized attention of a small practice. Unlike many other firms, we have the ability to conduct investigations, hire expert witnesses, and utilize cutting-edge technology to help you build the strongest case possible.

The lawyers at Ball Morse Lowe can help you seek what's needed in your case. Our team is standing by to assist you, so call us at (877) 508-4265 to get started with a free consultation with our client intake team.

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Ball Morse Lowe PLLC, serves businesses and individuals throughout Texas, Oklahoma, and Colorado. As an award winning law firm, we provide legal solutions in matters involving oil and gas law, estate planning, family law business law and litigation. You can depend on Ball Morse Lowe PLLC, for sound advice, sensible solutions and vigorous representation.

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TRUST THAT YOUR ASSETS ARE DISTRIBUTED PROPERLY WITH A LIFE INSURANCE TRUST IN OKLAHOMA

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Life Insurance Trusts in Oklahoma

Why Call Ball Morse Lowe?

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Our Team of Highly Skilled Attorneys Can Help

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What Our Clients Say

Jason J.

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Christian D.

★★★★★

Jason F.

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Heather W.

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BE

★★★★★

Kevin H.

★★★★★

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