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  [21] Money  1 2 3 4 5 6 
Tax-Smart Estate Planning #6567

Hold life insurance outside of your estate – Even though life insurance proceeds are generally tax-free income to the beneficiary for income tax purposes, they will be included in your gross taxable estate if you own the policy. The most effective way to avoid this problem is to set up an irrevocable life insurance trust. If the trust owns your life insurance policy, the proceeds are outside your estate and will pass to your beneficiaries free of both income and estate taxes.

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Thanks to: Anonymous - USA. - rec.:Dec 1, 2016 - pub.:Dec 1, 2016 - sent.:Mar 5, 2017
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