Irrevocable Life Insurance Trust Beneficiary
How much should one have assets before considering trust?
Trusts, revocable or irrevocable are expensive! Is there a general rule of heritage net / financial assets even before they consider making this example?, I have the following assets in North Carolina and elsewhere: House – joint tenancy 2 cars – both in my name Bank Accounts – Joint life assurance – we own our own policy with each beneficiary is from the other political. Company 401k – of Again, we are beneficiaries of the other. And three beautiful children: Is it necessary to re-title of the trust and one, revocable or irrevocable. What is the advantage of one over the other, plus the ability to change and can not be changed? Also in the house because I'm not the owner means the Trust is 1098 and I can not claim interest mortgage on my return?
I know you can take the deduction in the house. The most important thing you need is a will that stipulates that children be if both parents die. A trust may have some advantages, but the company should be relatively simple it is.
