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the assets would be distributed by the trustee to the beneficiaries. While living, the trustor, or trustors in the case of a married couple, can be the trustee, managing the assets until they are no longer able,
An ILIT is generally a long-term commitment, as once the policy has been transferred to the trust, it is challenging to cancel or modify. If you anticipate a shorter time horizon for your life insurance needs, an ILIT may not be the most appropriate option. 4. Trustee Selection: The ...
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Once you submit your bankruptcy forms to the court, a bankruptcy trustee is appointed to your case. The exact role the trustee plays in your case is slightly different for Chapter 7 and Chapter 13 bankruptcies. Broadly speaking, the trustee reviews the forms you filed with the court and may...
An estate guardian can be the same person as a personal guardian, or the two can be different people. This role differs from a power of attorney, which you can choose, while a guardian must be court-appointed. » Another option: How to set up a trust and name a trustee Alternatives ...
A corporation’s bylaws supplement any rules set forth by the federal government or the state. In your bylaws, be sure to include: How the corporation will be governed, including the role of directors and officers How meetings are held, voting procedures, and how officers or directors are ele...
For many individuals who are unable to manage their Social Security benefits on their own, a Representative Payee serves as an essential financial advocate, helping ensure funds are used effectively and responsibly. Whether you’re thinking of taking on this role for a loved one or are int...