Irrevocable Living Trust
Trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of his or her estate in order to avoid federal estate tax on the second estate distributions to heirs, as well as to avoid probate expenses. The primary disadvantage of this type of trust is that the grantor surrenders all control over the assets and the right to change the terms of the trust.
Popular Insurance Terms
Mistake made during the manufacturing process of a product that results in an inherent defect in the product. This mistake is covered under products and completed operations insurance. ...
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Organization that develops and administers educational materials and examinations for the life insurance industry. It awards the fellow, life management institute (FLMI) designation to ...
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