Life Insurance Trusts

Lubbock Life Insurance Trust Attorneys

Would your estate plan benefit from a life insurance trust?

A trust can be a powerful way to secure your family’s future. This legal arrangement involves a trustee who manages assets for your beneficiaries.

One popular method of funding a trust is with a life insurance policy, which provides money for your beneficiaries when you die.

If you have children or dependents, creating a life insurance trust can help you plan for their future and ensure they’re taken care of the way you want, even after you’re gone.

A qualified and experienced Lubbock life insurance attorney can help you decide if this option is suitable. 

Choose Beck Law Firm as your caring partner for life insurance trusts, living wills, and estate planning. Call us today at (806) 531-3542.

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What Are the Benefits of an Irrevocable Life Insurance Trust?

Irrevocable Life Insurance Trust (ILIT) is a trust that manages life insurance policies to benefit its beneficiaries.

ILITs offer several benefits, including:

  • Estate tax savings: Establishing an ILIT reduces or eliminates estate taxes. The death benefit is part of your taxable estate when you own a life insurance policy. Transferring the policy to an ILIT typically removes the death benefit from your estate, reducing the potential estate tax liability.
  • Asset protection: Creditors can’t claim assets held in an ILIT.
  • Control of proceeds: You can specify how to distribute the proceeds from the life insurance policy to the beneficiaries.
  • Privacy: Unlike wills, which go through probate and become public records, ILITs operate outside the probate process, so the trust details, including the beneficiaries and the amount of the insurance proceeds, remain private.
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