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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.

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Ball Morse Lowe, PLLC, serves businesses and individuals throughout Texas, Oklahoma, and Colorado. As a full-service law firm, we provide legal solutions in matters involving oil and gas law, estate planning, family law and personal injury. You can depend on Ball Morse Lowe, PLLC, for sound advice, sensible solutions and vigorous representation.

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