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Why must the trustee of an irrevocable insurance trust make the premium payment?
Wiki User
∙ 12y ago
As trustee that is their responsibility.
As trustee that is their responsibility.
As trustee that is their responsibility.
As trustee that is their responsibility.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoAs trustee that is their responsibility.
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Can you borrow from an Irrevocable Trust?
You must review the provisions in the trust document to determine if the trustee can make loans.
Can you be the trustee of your own irrevocable trust?
No. You cannot maintain any control over the assets in a irrevocable trust. Doing so will cause the trust to fail and leave you exposed to creditors and taxes.
If a house is placed in an irrevocable trust does the trustee have the right to borrow money to reinvest in the house for improvements and maintenance?
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
Can a trustee change the financial make up of the irrevocable generation skipping trust for the benefit of only one beneficiaries?
The trustee has only the power that is set forth in the trust document. You should review the trust document to determine if that specific power was granted to the trustee.
Can you change domicile of an irrevocable trust?
An irrevocable trust cannot be amended. An example of this is an Oklahoma case in which the Tax Commission could tax a trust created in Oklahoma as a resident domiciled trust even after the grantor and trustee moved to Nevada. http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=ok&vol=/appeals/2001/&invol=275718 Often, this is taken into account by a skilled attorney and the irrevocable trust specifically permits the trustee to change the domicilie of the trust.
Can a trustee in an irrevocable life insurance trust borrow money from a life insurance?
No to avoid estate tax penalty
What is an irrevocable life insurance trust?
A life insurance trust is an irrevocable, non-amendable trust which is both the owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries. (Moved from discussion comments below)
Can a Registered Representative be a trustee of a irrevocable trust?
yes
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
Can a trustee make investment decisions in an irrevocable trust in contest?
A trustee has only the powers set forth in the trust. You must review the trust document to determine what the trustee can do.
Can a set income from an irrevocable trust be increased by the trustee of the trust?
You need to review the terms of the trust to determine the extent of the trustee's power.
Who can sign on a irrevocable trust account?
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
Can irrevocable trust be involved in lawsuits?
Yes. The trust would be represented by its trustee in the suit. However, the trustee would not be personally liable.
After Bankruptcy discharge you were named as a beneficiary to a life insurance annuity but you deferred payment for 5 years Do you have to tell the trustee about this?
yes
How can you remove a Trust Fund trustee?
my brother is the is in charge of my parents irrevocable will of trust can he remove me
