We hear of many individuals obtaining life insurance policies to benefit their families in the event of their deaths, but only a fraction of these people realize that their life insurance proceeds are taxed heavily upon their death, drastically reducing the resources of their heirs.
To remedy this, establish a life insurance trust that contains your policies. You'll pay premiums out of the trust, and the proceeds upon your death will be paid into the trust. Consult an appropriate lawyer to set up the trust for you.
There are many useful links by searching "life insurance trust." A very brief further explanation is here. (We have no connection with the author of the linked blurb.)
Friday, November 28, 2008
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