Don West, Jr. on WordPress

donwestjr — Fri, 27 Jan 2012 17:36:56 +0000

@LouiseHay Our messages include those of @BestEducation @MommySurvivor @LegacyLessons and @RickyWilliams

donwestjr — Fri, 27 Jan 2012 17:26:37 +0000

@LouiseHay My name is @DonWestJr and I am an aspiring everything because I love life and enjoy living with fervor and passion! #WhatIsYourLegacY #Ping

Follow football legend, spiritual seeker

donwestjr — Fri, 27 Jan 2012 17:18:57 +0000

Follow football legend, spiritual seeker and gregarious thinker @RickyWilliams on #Twitter. Don’t miss his flow! on #Quotes #Spirituality

What if we created our lives based off o

donwestjr — Fri, 27 Jan 2012 17:12:34 +0000

What if we created our lives based off of other people’s judgments? Whatever that brings up, will you destroy and uncreate? rwgbppa9sbb ~RW

RT @rickywilliams: “Who would you be if

donwestjr — Fri, 27 Jan 2012 17:08:13 +0000

RT @rickywilliams: “Who would you be if you what others thought of you was just “an interesting point of view”?” #ThoughtsAreThings #EatWell

donwestjr — Tue, 17 Jan 2012 05:03:01 +0000

@DonWestJr’s Legacy Pyramid helps organize your efforts to build an enduring life’s work. #LegacyPlanning #Generativity http://ow.ly/8vRRx

“Got Ink? (That means Tattoo) – Then Sh

donwestjr — Tue, 03 Jan 2012 09:14:13 +0000

“Got Ink? (That means Tattoo) – Then Show It!” just launched on FB #Tattoo #GotInk #PassItOn http://ow.ly/8gmf1

Law and Disorder

donwestjr — Fri, 16 Dec 2011 16:17:26 +0000

Well written and poignent, a striking revelation of truth from a friend. I recommend taking a peak.

Law and Disorder.

Test Message via Hootsuite

donwestjr — Wed, 17 Aug 2011 09:12:40 +0000

Test Message via Hootsuite

What are an ILIT’s components?

donwestjr — Fri, 02 Oct 2009 05:32:05 +0000

Irrevocable life insurance trusts (ILIT’s) are used to:

create an estate for heirs using life insurance
shield life insurance payouts from estate tax
replace assets given to charities or placed in IIOT’s (Irrevocable Income Only Trusts)

People often make the mistake of naming their estate as the beneficiary of their life insurance policy. This makes the proceeds of the policy, known as the death benefit, part of the taxable estate. A simple way to avoid estate tax issues is to transfer life insurance policies into an irrevocable life insurance trust. The value of the insurance remains outside your taxable estate, but you can still name beneficiaries for the trust. ILIT’s can help replace assets donated to charities or place in IIOT’s by providing a lump sum payment to the trust when you pass on.

There are three components in an irrevocable life insurance trust, similar to those found in a living trust:

Trust makers, who control their ILIT’s through their instructions
Trustees and their successor trustees, named by the trust makers
Beneficiaries and contingent beneficiaries, named by the trust makers

Who buys the life insurance on my life or my partner/spouse’s and my lives?

The life insurance is purchased by the ILIT’s trustees.

Can I or my partner/spouse be a trustee?

A third-party, independent trustee should be named in order to keep proceeds out of your taxable estate.