Estate Planning: 10 Questions to Ask About Estate Planning with Life Insurance
Using life insurance in your estate plan can provide significant protection for your loved one. Here are ten questions to ask yourself when estate planning with this insurance:
- What is the ongoing maintenance required for life insurance policies owned by a trust?
- How can Cristofani beneficiaries make this type of insurance trust more gift tax efficient?
- How can you utilize insurance to facilitate business succession plans?
- What are the unique benefits of term, whole life, and second-to-die life insurance?
- How can ownership and beneficiary designations affect the taxable assets of an estate?
- How can non-citizens avoid qualified domestic trust requirements with this type of insurance trusts?
- What are the strategies for avoiding the three-year look-back period when you transfer existing insurance to a trust?
- What are the generation-skipping tax issues when using annual exemption gifts to fund a life insurance trust?
- What options are available when the terms of an irrevocable trust don’t reflect a party’s wishes?
- How do you use life insurance as a wealth replacement strategy with charitable giving?
Reference: Gerry W. Beyer, Wills, Trusts & Estates Blog (October 11, 2013)
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