Trusts – from the “wealthy” to the “not-poor-but-not-necessarily-wealthy”

I’ve posted to Joel A. Schoenmeyer’s Death & Taxes Blog before.

Joel’s last three updates present good summaries of two different kinds of trusts: The simple Pour-Over Trust and not-always-so-simple Irrevocable Life Insurance Trust.

They’re interesting summaries right next to each other. The pour-over trust is almost as common in my practice as simple wills. Some local practitioners don’t even bother with wills anymore, however, as Joel explains, its not a perfect world out there and it pays (so to speak) to be safer rather than cavalier with your client’s planning.

In contrast to the pour-over trust his other summaries (here and here, are about ILITs. I use ILITs quite a bit but not nearly as frequently as the pour-over only because they’re usually only needed by client’s facing the specter of the federal estate tax. As usual, Joel does a fine job explaining the operations and implications of both trusts.

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