Estate Planning – Page 3 – Patrick D. Newton, P.C.

Archive by category "Estate Planning" (Page 3)

Patrick D. Newton is a North Carolina Board Certified Specialist in Estate Planning and Probate Law.

Irrevocable Life Insurance Trusts (ILITs)

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Insurance, Irrevocable Trusts, Tax

An ILIT is just an irrevocable trust that holds life insurance. An ILIT is used to make the death benefit escape estate tax. Life insurance already escapes income tax. Avoiding both tax systems can make life insurance a very attractive investment for the future of your family. With the estate …

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Beneficiary Controlled Trusts

Patrick July 9, 2016 July 12, 2016Estate Planning, Irrevocable Trusts

What is a Beneficiary Controlled Trust? A Beneficiary Controlled Trust is an estate or gift tax planning technique where parents leave property to their children in a trust rather than outright. As the name implies, the child-beneficiary is the trustee of the trust. Thus, the Beneficiary Controlled Trust. Why are …

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