Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
life insurance
Removing Life Insurance from the Taxable Estate
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Beneficiary Designations and Other Non-Probate Transfers
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Life Insurance Is Often Used To Meet Estate Planning Objectives
We are all aware of the use of life insurance as a vehicle of income replacement. This is how life insurance is most widely utilized in the field of estate planning, and it is extremely important, especially when you have a family that is dependent upon your ongoing income. However, there are some other uses for life insurance in estate planning and we would like to take a look at a couple of them here. Life insurance is routinely used to balance inheritances. To provide an example of what … [Read more...] about Life Insurance Is Often Used To Meet Estate Planning Objectives
Take Life Insurance Seriously
When you started your first "real job" it is likely that you were seated in an orientation session that included an explanation of your company paid benefits. At that time you were probably told that you would be given a certain amount of life insurance at no cost with the option of increasing your coverage and paying for this additional protection out-of-pocket. If you started your career as a single person the company paid insurance may have seemed ample. But once you get married and you have … [Read more...] about Take Life Insurance Seriously
