What is an insurance trust?

An insurance trust is a specific kind of irrevocable trust that allows you to buy life insurance through the trust. You set up the trust, you set up a separate checking account for the trust, you give money to that checking account, you have to give your beneficiaries an opportunity to take that cash out. There are rules about making a present gift. They are called the “Crummey rules”. Then you buy insurance with it,Read More…

REALITY CHECK – ASSET PROTECTION PLANNING

Dear Clients and Friends: In today’s volatile economy, many clients have expressed concerns about how to protect their assets from lawsuits or other potential claims. An Asset Protection Plan may allow you to insulate some if not many, of your assets from certain liabilities that may come up both in business and personally. It is a part of your family estate planning. Asset Protection Planning is a proactive legal action that may protect your assetsRead More…

Preparing for Coronavirus: The #1 Legal Document Every Adult Needs to Have

Dear Clients, Colleagues, and Friends: Now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you can do (and should do) is to select a medical agent and set up your advance healthcare directive. What Is a Medical Agent? A medical agent (also called a healthcare agent, healthcare surrogate, a healthcare proxy, or a medical proxy) isRead More…