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Fort Lauderdale Irrevocable Life Insurance Trusts Lawyer

Attorneys for Irrevocable Trusts in Surfside

Attorneys in Broward County for Irrevocable Life Insurance Trusts

Purchasing life insurance is an excellent way of protecting your loved ones' future financial well-being. Creating an irrevocable life insurance trust to manage the benefits once they are paid out can help you and your intended beneficiaries make the most of your life insurance. An irrevocable life insurance trust (ILIT) is a type of trust that exists strictly to hold and distribute the funds paid out by a life insurance policy and is managed by a trustee appointed by the original policyholder.

Once created, an ILIT is listed as the primary beneficiary on your life insurance. ILITs generally contain few or no assets until the policyholder is deceased and the policy has paid out, so the irrevocable nature of this type of trust may be less concerning to many. The Law Office of Miller & Miller, P.A. is experienced in creating ILITs for our clients in order to help them protect their assets and their beneficiaries alike.

Law Firm for Protecting Beneficiaries With ILITs in Pompano Beach

As with most trusts, ILITs allow the settlor to retain some level of control over how their assets are distributed over time after they are gone. Many people believe that it would ultimately help their beneficiaries to have the life insurance proceeds managed by a trust and distributed gradually, rather than being paid out as a lump sum.

The intended beneficiaries of our life insurance policies are generally those closest to us - and most likely to be impacted by our eventual deaths. Grief may drive people to make dubious financial decisions, especially for members of the younger generation who have not handled large sums of money before. Using an ILIT allows you to appoint a trustee you have faith in to appropriately manage this money in a way that serves your beneficiaries' best interests.

The attorneys at the Law Office of Miller & Miller, P.A. will guide you through all the ways you can use an ILIT to make sure that the proceeds from your life insurance policy are spent appropriately.

Eliminate Estate Administration and Taxes Through ILITs

Florida ILITs offer a number of asset protection features. Because assets that are passed through a trust are not subject to probate, and your life insurance company will pay proceeds directly to the trust, ILITs keep your life insurance payouts out of your probate estate. As a further benefit, an ILIT can also keep life insurance proceeds out of your surviving spouse's probate estate as well.

This eliminates both the cost of probate itself and the estate taxes that probate estates are subject to. Using an ILIT rather than simply listing a beneficiary on the policy leaves more money in your loved ones' hands by minimizing tax burdens and other liabilities.

It is our firm's goal to help clients maximize the value of the estate they leave for their loved ones. The Law Office of Miller & Miller, P.A., P.C. is serious about helping you preserve the maximum possible sum that you can to pass on to those you care about.

Call a Fort Lauderdale Irrevocable Life Insurance Trusts Attorney

If you are interested in protecting your intended beneficiaries through the use of an ILIT, the Law Office of Miller & Miller, P.A., P.C. is ready to help. Contact us online or call 954-981-9301 to schedule a free consultation. Our experienced attorneys serve clients throughout Broward County in Fort Lauderdale, Pompano Beach, Oakland Park, and the surrounding areas.

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