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When an account holder of a joint account passes away,the surviving joint account holders get title to the account’s remaining funds This type of policy pays out a death benefit only after both partners have passed away The Law Firm of Steven F.Bliss Esq.Your Trustee might also manage such administrative responsibilities as the yearly notification to your beneficiaries (called a “Crummey Letter”),and the filing of the ILIT’s income tax return,if necessary.
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