An individual placing assets in an irrevocable trust
cannot later reclaim the assets or make significant changes to their disposition.
The shareholder has committed to transfer the shares of Herky Hawk that he will receive in exchange for his shares of Banks to an irrevocable trust
with an independent trustee approved by the Board immediately on consummation of this proposal.
Estate planning options here include transfer of ownership of the policy to someone else -- say, a responsible adult child--or formation of an irrevocable trust
to own the policy.
For Medicaid-planning purposes, he generally proposes an irrevocable trust
to protect one's home from Medicaid's asset recovery process and an irrevocable family investment agreement, a sort of all-in-the-family annuity that shelters assets but still generates income.
In the private ruling, an irrevocable trust
was established by a congregation to secure promised benefits to a rabbi.
Transferring life insurance policies to an irrevocable trust
is a very popular estate planning technique.
The escrow holder, The Bank of New York, holds a separate irrevocable trust
fund for the purpose of paying principal, interest and any redemption premium, when due, on the refunded bonds.
Rauenhorst (a beneficiary of Defendant Gerald Rauenhorst 1982 Irrevocable Trust
f/b/o Children) and Mr.
By reregistering assets into the name of an irrevocable trust
, he can transfer ownership and taxation to the trust entity.
Also, the IRA Conversion Plan provides a program to increase the after-tax size of an inheritance by using distributions for the purchase of life insurance inside an irrevocable trust
; a Spousal Lifetime Support provides for needs of a surviving spouse through second-to-die insurance; a Flexible Irrevocable Trust
covers estate-tax liquidity needs; and a Standby Trust addresses the uncertainties of the estate-tax phaseout by allowing an insured couple to put off placing a survivorship policy into an irrevocable life insurance trust until after the first spouse's death.
Upon the wife's death, the revocable trust was split into two: (1) a revocable trust funded with the marital deduction amount and (2) an irrevocable trust
that received the balance, including the residence.
That met his retirement needs and also provided funds to purchase an insurance policy in an irrevocable trust
for his heirs to replace the value of the stock gifted to the CRT.