When the estate of an individual, including death benefits from life
insurance exceeds or will likely exceed applicable exclusion amounts for
federal estate tax purposes, it is wise for that individual to remove
life insurance from ownership. If outright gifting of insurance policies
to beneficiaries is not practical, placing life insurance policies or
other assets in an irrevocable life insurance trust may be advantageous.
A life insurance trust may also be utilized to purchase and hold new
life insurance which will eventually go to beneficiaries to be used to
pay your federal estate tax, if and when it becomes due.
For a consultation with one of our estate planning attorneys at Doar, Drill & Skow about Irrevocable Trusts, call 877-890-7934 toll-free or contact us online. Located in New Richmond, we serve clients throughout western Wisconsin.
