My question involves an ,, entity located in the state of: California
About 10 years ago my attorney established an irrevocable trust to be the beneficiary of a life insurance policy of mine since then I've unwound the insurance policy but as I understand it the trust still exists and I'm trying to understand if it can be used for a different purpose now it was written with a very generic purpose and was authorized to do many things such as starting a company and that's what I would like to do now have the irrevocable trust start an LLC which will be operated by a person designated by the trustee of the trust one of the key issues with the trust is a grantor or non-grantor trust it doesn't come out and use these terms directly in trust formation document . Is there a way I can figure this out two attorneys that I have consulted had said oh don't use that spend $5,000 and recreate one
About 10 years ago my attorney established an irrevocable trust to be the beneficiary of a life insurance policy of mine since then I've unwound the insurance policy but as I understand it the trust still exists and I'm trying to understand if it can be used for a different purpose now it was written with a very generic purpose and was authorized to do many things such as starting a company and that's what I would like to do now have the irrevocable trust start an LLC which will be operated by a person designated by the trustee of the trust one of the key issues with the trust is a grantor or non-grantor trust it doesn't come out and use these terms directly in trust formation document . Is there a way I can figure this out two attorneys that I have consulted had said oh don't use that spend $5,000 and recreate one
Disability and Elder Law Issues: Use of Irrevocable Trust As Beneficiary of Life Insurance Policy
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