Estate Planning: Reducing Taxes

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Life insurance trusts

The very first thing that you can do is to formulate an irrevocable or unchangeable life insurance trust and then transfer its ownership to the trust. It is very much in use as it is legal in nature as well as after the transfer all the proceedings are owned by the trust and not you. This basically terminates the chance of someone else using the insurance money that you have formulated for yourself like the ones you might not trust in spite of your relation with them. This way you can get the benefits from the proceedings without any fear of nit being able to pay the policy premiums. In order to gain the tax savings, the following requirements should be taken into consideration:

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