Donald M. Thompson - Wills, Trusts, and Estate Planning


Other Lifetime Trusts

People often set up other types of trusts during their life and the object is usually tax savings of some kind. They usually involve giving property away to get it out of the creator's taxable estate or to get the income from it off the creator's income tax return. Neither of these objectives can be achieved if the person creating the trust retains rights in the trust. For that reason these trusts are usually irrevocable and the creator is not the trustee. An irrevocable life insurance trust to which a life insurance policy is given is an example.

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Donald M. Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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