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
Why Choose the Beck Law Firm’s Lubbock Life Insurance Trust Lawyers
Choosing the right legal team is crucial for achieving your goals and protecting your interests. We all want the peace of mind that comes with knowing our loved ones are safe and secure in their future.
Our law firm is proud to offer a team of dedicated and experienced professionals providing the highest possible level of service.
Here are some key reasons why you should choose us:
Multifaceted experience: Our team comprises highly accomplished attorneys with diverse backgrounds and experience. Kristen Beck-Perez, Andrew Beck, and Sam Hawthorne bring a wealth of knowledge in areas such as estate planning, business law, tax law, health law, and commercial transactions.
This multifaceted approach allows us to provide comprehensive solutions to various legal issues.
Profound accounting and finance background: Kristen Beck-Perez and Sam Hawthorne are licensed Certified Public Accountants (CPAs) accredited by the Texas Board of Public Accountancy.
This unique combination of legal and financial experience enables us to offer in-depth insights into complex financial matters, making us particularly adept at assisting clients with sophisticated estate and gift tax planning, comprehensive business strategies, and tax-related issues.
Extensive experience: We have extensive knowledge of estate planning, trust and estate administration, real estate transactions, oil and gas cases, and business law issues.
Whether you are a business owner, an individual planning your estate, a concerned parent, or facing complex legal challenges, we have the knowledge and experience to guide you effectively.
Client-centered approach: We understand that every client is unique and take the time to listen to your specific needs and objectives so we can solve your issues to your satisfaction.
Our senior transactional paralegal, Renee Hucks, is critical in ensuring our office and client services run smoothly.
Her dedication and strong work ethic ensure you receive personalized attention and information about the progress of your matter at every step.
Legal knowledge: Sam Hawthorne is board-certified in tax law and estate planning and probate law, demonstrating our commitment to the highest standard of legal excellence in our practice areas.
National reach: Our attorneys are licensed to practice law in multiple states, including Texas and New Mexico. The knowledge of multiple state laws helps diversify our practice and experience for a better client experience.
We deeply understand the legal landscapes in these regions and can provide effective representation wherever your needs arise.
Our team of skilled attorneys and dedicated paralegal provide you with thorough legal solutions, personalized attention, and the highest level of service.
We help you navigate the legal system and accomplish your objectives. Choose us as your trusted legal partner and let us guide you to success.
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.
- Avoiding probate: Since the life insurance proceeds are paid directly to the ILIT beneficiaries, they do not go through probate. This can speed up the distribution of funds to heirs and reduce associated costs.
- Flexibility: ILITs can accommodate various goals and circumstances. You can name multiple beneficiaries, including contingent beneficiaries, and specify how to distribute the insurance proceeds.
- Spending protection: If you are concerned about beneficiaries squandering a lump sum inheritance, an ILIT can provide protection. The trustee can manage and distribute the funds over time to ensure responsible use.
ILITs are irrevocable, which means that once you establish the trust, you typically cannot make changes or revoke it without the beneficiaries’ consent.
Before creating an ILIT, consult an experienced estate planning attorney to ensure it aligns with your specific financial and estate planning goals.
Tax and estate planning laws change, so stay informed of the current tax implications regarding ILITs and periodically review your estate plan with a professional to make any necessary adjustments.
Please don’t wait until it’s too late. Choose Beck Law Firm as your caring partner for trusts, wills, and advanced directives.
We Can Help You with a Lubbock Life Insurance Trust
We know how important your living will is, and we’re here to make the legal process easier for you. Whether creating a living will or dealing with advanced directives, our Texas family law firm has the knowledge and experience you need.
Choose Beck Law Firm as your caring partner for life insurance trusts, living wills, and estate planning. Call us today at (806) 702-7909.
Your well-being is our main concern, and we’re here to support you with care and honesty. Call or come and see us now to secure your peace of mind and protect yourself and your loved ones.