Whether as a wealth replacement strategy combined with philanthropic giving or as a safeguard to cover expenses and taxes, use of life insurance in your estate plan can provide significant protection to your loved ones. This useful planning tool has several unique benefits, which should be considered in every wealth transfer plan. John O. McManus, founding principal of McManus & Associates, recently held a conference call with clients to review the most important considerations when planning with Life Insurance.
LISTEN HERE: “Top 10 Considerations for Estate Planning with Life Insurance”
Find answers to the questions below and more by listening to the free recording.
1. If a life insurance policy is owned by a trust, what is the ongoing maintenance required for the strategy to succeed most effectively?
2. What are Cristofani beneficiaries and how can they make a life insurance trust even more gift tax efficient?
3. How can insurance be utilized to facilitate a business succession plan?
4. Term, whole life, 2nd to die, from a layman’s standpoint, what are the unique benefits of each?
5. How can ownership and beneficiary designations for a life insurance policy affect the taxable assets of the estate?
6. How do non-citizens avoid qualified domestic trust requirements with a life insurance trust?
7. What are some strategies to avoid the 3-year look back period when existing insurance is transferred to a trust?
8. Annual exemption gifts can fund a life insurance trust gift tax free, but what about generation skipping tax issues? How is the trust affected?
9. When the terms of an irrevocable trust do not reflect the wishes of the parties, what options are available?
10. How to use life insurance as a wealth replacement strategy with charitable giving.
McManus & Associates would be happy to discuss how these strategies apply to you and yours. Give us a call at (908) 898-0100.
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