The following is found in my finalized divorce decree that has been signed by the judge. My ex is trying to buy an insurance policy on me, even though she makes more than I do. My question is, does she have 90 days from the day the decree was signed to purchase the insurance policy and then another 90 days to secure trust, or do both things need to be done within 90 days. She is currently trying to buy the policy with herself listed as the sole beneficiary, the trust has not been created, and we are almost to 90 days. I would feel more comfortable if the trust was listed on the life insurance application as the beneficiary, not herself.
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Life Insurance – Creation of Irrevocable Trust
Either party may purchase a 20 year term life insurance policy in the amount of five hundred thousand dollars and no cents ($500,000.00) ensuring the other person’s life, if permissible by law, within 90 days. The purchaser will be payor for the premium and owner of the policy which must then be transferred ownership to an Irrevocable Trust. Purchaser of policy will have 90 days to secure and name trust as beneficiary and pay for the cost of creating, funding, and maintaining the Trust. The following shall be terms included for the trust.
1.) Trust shall distribute to trustee $20,000.00 each year, for the benefit of both the children, until the children are 18 years old. The disbursements to be made in monthly payments;
2.) Trust shall distribute to trustee $15,000.00 for the benefit of the children toward the purchase of a vehicle, upon each child turning 16;
3.) The year each of the children turns 18, the Trustee shall disburse $40,000.00 per year for four (4) years toward college expenses; and
4.) Any remaining funds will be paid from the trust as follows: upon the first child turning thirty (30) years of age, half of the trust corpus shall be distributed outright to the eldest child and remaining balance shall continue to be invested until the second child turns thirty, at which time the remaining balance shall be distributed outright to the second child.
Disbursement of trust shall follow this structure without changes until funds are depleted.
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Thanks for you help!!!!
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Life Insurance – Creation of Irrevocable Trust
Either party may purchase a 20 year term life insurance policy in the amount of five hundred thousand dollars and no cents ($500,000.00) ensuring the other person’s life, if permissible by law, within 90 days. The purchaser will be payor for the premium and owner of the policy which must then be transferred ownership to an Irrevocable Trust. Purchaser of policy will have 90 days to secure and name trust as beneficiary and pay for the cost of creating, funding, and maintaining the Trust. The following shall be terms included for the trust.
1.) Trust shall distribute to trustee $20,000.00 each year, for the benefit of both the children, until the children are 18 years old. The disbursements to be made in monthly payments;
2.) Trust shall distribute to trustee $15,000.00 for the benefit of the children toward the purchase of a vehicle, upon each child turning 16;
3.) The year each of the children turns 18, the Trustee shall disburse $40,000.00 per year for four (4) years toward college expenses; and
4.) Any remaining funds will be paid from the trust as follows: upon the first child turning thirty (30) years of age, half of the trust corpus shall be distributed outright to the eldest child and remaining balance shall continue to be invested until the second child turns thirty, at which time the remaining balance shall be distributed outright to the second child.
Disbursement of trust shall follow this structure without changes until funds are depleted.
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Thanks for you help!!!!
Enforcement of Judgments: What Does This Mean
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