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Funding & Implementing Irrevocable Life Insurance Trusts (ILITs)

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In Trusts and Estates | On November 1, 2015

  As discussed in a previous post, irrevocable life insurance trusts (ILITs) are a relatively common subset of irrevocable trusts.  Because the goal is typically to get the life insurance out of the policy owner’s taxable estate, both the owner and the beneficiary must be, or change to, the trust; and there are also other […]

Funding & Implementing Irrevocable Trusts

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In Trusts and Estates | On October 25, 2015

If you’re creating an irrevocable trust, you can’t just sign the trust document and go on your way.  To fulfill your gift tax goals, income tax goals, or other planning goals, you also have to fund the irrevocable trust. The first question is whether the irrevocable trust will or won’t be a grantor trust.  In […]

Court of Chancery Holds Spinoff Corporation Not Bound By Agreement of Former Parent Corporation

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In Corporate -Counseling & Litigation | On April 8, 2015

In Miramar Police Officers’ Retirement Plan v. K. Rupert Murdoch, et al, C.A. No. 9860-CB (Del. Ch. April 7, 2015), the Delaware Court of Chancery held that a corporation created to effectuate a spin-off transaction was not bound by provisions in a contract that the former parent corporation had entered resolving a lawsuit with its […]

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