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Appeals Court Includes Irrevocable Trust Withdrawal Right as Marital Asset

Industry Newsletter / By

This is from John Hancock’s monthly newsletter, and we thought it was interesting. Click on the link to pull up the whole newsletter. Although significant Massachusetts case law exists that would exclude XW’s interest beyond her withdrawal right, the Court determined that XW’s entire interest in her subtrust under Trust was includable. The Court founded …

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Trust owned Inherited IRAs

FWS Piece / By

IRA DISTRIBUTION OPTIONS AFTER DEATH When an IRA owner dies and leaves their IRA to a non-spousal beneficiary, under current law the IRA generally must be distributed under one of three alternatives: Lump Sum – Full distribution of account balance. This option could potentially bump the beneficiary into a higher income tax bracket. Five-Year Rule …

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White Paper: Life Insurance Valuation And Policy Transfers

White Paper / By

Whether an existing life insurance policy is transferred by gift, sale or as some form of compensation, it’s important to provide an accurate valuation of the policy in order to determine the income, gift, generation-skipping transfer (GST) or estate tax consequences of the transfer. When valuing a life insurance policy, a number of factors must …

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Long-Term Care Coverage: Understanding the Fine Print

FWS Piece / By

WHY YOU MAY NEED LONG-TERM CARE You may picture a nursing home when you think about long-term care (LTC). But LTC doesn’t always mean institutional care. Instead, it’s primarily “custodial” care — personal, hands-on assistance to individuals who need help with the Activities of Daily Living (ADLs). ADLs include: Bathing Eating Toileting Dressing Continence Transferring …

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