What Is An Irrevocable Life Insurance Trust?

What Is An Irrevocable Life Insurance Trust?

Historically, one of the main reasons to set up an irrevocable trust has been to avoid or minimize any potential estate tax, but now there are other planning purposes for these trusts. An advantage of life insurance trust is that it removes the life insurance from the estate of the insured. You should carefully consider who the trustee is and discuss the ramifications with your attorney.

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4 Things Wealthy People Know About Insurance

4 Things Wealthy People Know About Insurance

Businesses are finding out it’s now a sucker bet to underestimate how long someone will live these days, and it can prove expensive to governments and pension funds, but it also provides individuals with an opportunity. “In a multi-stage life, the idea of hitting a cliff-edge retirement at 65 and then living off an annuity is outdated,” Alistair Byrne of State Street Global Advisors told The Economist. “It’s not at all obvious that the traditional…

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Five Basic Types of Life Insurance Policies

Five Basic Types of Life Insurance Policies

When it comes time for you to purchase a life insurance policy, you have the option of choosing from five different types of policies with each of them offering their own unique benefits. These five basic types of life insurance policies are term life, whole life, universal life, endowment, and annuity. The basic structure of the first four is to create a principle sum or estate through either the death of the insurer or through…

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