What are the gift tax implications of funding a trust that owns a life insurance policy on someone else?

Jan 11, 2018 ... ... revocable or irrevocable trust of which he or she is ... trust beneficiaries do not distinguish between revocable and irrevocable trusts. A revocable living trust is just that – revocable. This means that it can be changed, altered, or even eliminated during the lifetime of the grantor, or the ... Mar 22, 2024 ... There are two general categories of trusts, revocable and irrevocable, each of which serves a different purpose and offers unique advantages and limitations. (b) A noncharitable irrevocable trust may be modified upon consent of all of the beneficiaries if the court concludes that modification is not inconsistent with ... An irrevocable trust can be a great tool for protecting your assets, reducing taxes or transferring wealth. It can be a vital tool to include in your financial ... This irrevocable funeral trust agreement forms a part of the said prearranged funeral agreement, contract or plan. 2. If for any reason the beneficiary or ... (6) the applicability of Section 112.038. (c) The terms of a trust may not limit any common-law duty to keep a beneficiary of an irrevocable trust who is 25 ... Jul 11, 2023 ... An irrevocable trust is a trust the creator (the "grantor") cannot change or revoke. Creators give up control of the assets they put into ... Most living trusts are written to permit you to revoke or amend them whenever you wish to do so. These trusts do not help you avoid estate tax because your ... May 14, 2020 ... All living trusts can be revocable or irrevocable. A living trust is created while the person who makes the trust is alive.