insurance for estate tax
How to Use Life Insurance for Estate Planning
Insurance Solutions for Estate Tax Concerns Specialized insurance for estate tax needs often involves life insurance policies owned by irrevocable trusts. These solutions provide liquidity to pay estate taxes without forcing heirs to sell family businesses or other assets. The death benefit grows outside your taxable estate while providing funds to cover tax obligations when […]
What Is an Irrevocable Life Insurance Trust—and Do You Need One?
Understanding Irrevocable Life Insurance Trusts An irrevocable life insurance trust (ILIT) is a powerful estate planning tool that removes life insurance proceeds from your taxable estate. These trusts own your life insurance policy, preventing the death benefit from being counted as part of your estate for tax purposes. High-net-worth families frequently use ILITs to preserve […]