- insurance trust
-
insurance trust see trust
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
insurance trust
Look at other dictionaries:
Insurance Trust — An irrevocable trust set up with a life insurance policy as the asset, allowing the grantor of the policy to exempt asset away from his or her taxable estate. Once the life insurance policy is placed in the trust, the insured person no longer… … Investment dictionary
insurance trust — See life insurance trust … Ballentine's law dictionary
insurance trust — noun : an agreement providing for the receipt and distribution of life insurance proceeds by a trustee … Useful english dictionary
Life insurance trust — A life insurance trust is a trust that is set up for the purpose of owning a life insurance policy. The idea is that if it is an ILIT, an irrevocable life insurance trust, that the trust itself is the policy holder and owner, the payer is the… … Wikipedia
Disability Insurance Trust Fund — An account within the Social Security Trust Fund used to pay benefits to individuals deemed to be disabled and incapable of productive work. The Disability Insurance Trust Fund receives deposits from FICA considered to be over and above the… … Investment dictionary
Old-Age And Survivors Insurance Trust Fund — An account within the Social Security Trust Fund used to pay benefits to retired workers, the beneficiaries and their children. The Old Age and Survivors Insurance Trust Fund receives deposits from FICA considered to be over and above the amount… … Investment dictionary
life insurance trust — A trust set up to own a life insurance policy, so that the policy proceeds arent subject to estate tax when the original policy owner dies. Life insurance trusts are usually irrevocable. Category: Wills, Trusts & Estates → Estate Tax Nolo’s Plain … Law dictionary
irrevocable life insurance trust — (ILIT) See: life insurance trust Category: Wills, Trusts & Estates → Estate Tax Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 … Law dictionary
unfunded life insurance trust — noun : a life insurance trust under which the insured agrees to pay the premiums on the subject policies during his lifetime … Useful english dictionary
trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
