Life insurance trusts are specific types of irrevocable trusts that can effectively reduce or eliminate future estate tax obligations. A Denver life insurance trust lawyer at Colorado Estate Matters, Ltd., has the experience and resources necessary to help you create a comprehensive life insurance trust that can save your loved ones a substantial amount of money, headaches, and stress in the future. Call us today for more information at (303) 713-9147, or fill out our online contact form.
How Life Insurance Trusts Work
Once you develop a life insurance trust, your life insurance policy must be transferred into that trust. It means the proceeds from the life insurance policy will be paid to the trust. Through the terms of the trust, the trustmaker or grantor can:
Choose a trustee to administer the trust (i.e., pick someone who is not a beneficiary of the life insurance policy to have control over the trust)
Determine how the premiums will be paid
Select beneficiaries to the policy
Lay out the terms for how the payouts from the policy will be paid to one or more beneficiaries.
In order for a life insurance trust to be legal and effective, it must meet the following basic requirements:
The life insurance trust has to be irrevocable.
The person who is creating the trust cannot be the trustee.
The trust has to be in place for at least three years prior to the death of the person who is the subject of the life insurance policy.
There are a number of other considerations that can come into play when developing and administering life insurance trusts, so be sure to contact a Denver trust attorney from Colorado Estate Matters, Ltd. to ensure that:
You create a binding, comprehensive life insurance trust.
Make sure that you and your loved needs are properly considered and protected by your life insurance trust.
Choose Denver Life Insurance Trust Attorneys at Colorado Estate Matters, Ltd.
When you are ready to create a life insurance trust or you need assistance administering any type of trust, you can count on our Denver estate planning lawyers at Colorado Estate Matters, Ltd. We provide a thoughtful approach to our clients’ estate planning, elder law, and other legal needs, and we are dedicated to helping each of our clients and their families find the best solutions for them.
While this means that we provide our clients with personalized attention at every step of the process. It also means that our clients can rely on us to always be competent, caring and professional. We provide clients with the highest quality of estate planning legal services at affordable rates.
Our Denver lawyers use a variety of innovative approaches with each client. The attorneys develop solutions that meets the needs and objectives of our clients. Our goal is to help our clients efficiently navigate the complexities of the law. They can develop effective, prudent solutions that will protect them, their assets and their families in the future.
Contact A Denver Life Insurance Trust Lawyer
When you are ready to take advantage of the benefits provided by life insurance trusts, contact the Denver life insurance trust attorneys at Colorado Estate Matters, Ltd. Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 713-9147 or email us using our convenient online contact form.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.