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A Life Insurance Trust is just a policy document that acts as a private and secure same box in which your life insurance. Did you know that after your death the proceeds of life insurance on your property will be included?
The advantages of setting up a trust life insurance are:
1. Reducing the property tax2. Check the payment to beneficiaries
3. Use an independent trustee
4. Provides for the spouse andChildren
5. private document and not a public record
6. After your death, no lengthy and expensive probate court
7. May designate all beneficiaries and determine distribution
8. The disgruntled and disinherited heirs away from your property
For example, if you own property, cash and investments totaling $ 2,000,000 and you have a life insurance policy that will pay your child for $ 1,000,000. What happened is, for your death, the InternalInternal Revenue Service is also the amount of one million in Federal Estate Tax return.
After creating the Life Insurance Trust, your insurance will require you trust. The prize will be paid after your death, are called "gifts." Because you can not make gifts of up to $ 10,000 a year per person non-taxable to whomever you want. The awards were divided into many $ 10,000 gifts each year for each appoint whoever you want, children, spouses,Family member or relative.
, The bill would be the business of trust, therefore, the life insurance proceeds would be completely taken out of your trust assets to the foundation of your life insurance trust and life insurance. Another advantage for the construction of the Life Insurance Trust is that after your death, the income would be tax free life insurance for your children and spouse may also be provided andother family members too.
There are several types of trusts such as revocable Living Trust, Trust Children, Simple Trust, Complex Trust and Grantor Trust. Based on your individual situation and circumstances, we will help you find the right frame and select the best comprehensive financial planning to reduce taxes and help your children.
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