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Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
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.
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.
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
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.
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
Can the grantor sell assets listed in irrevocable living trust?
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
