How Do Irrevocable Life Insurance Trusts Work?

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    David RacichPRO
    Fountain Hills, Arizona
    Usually a person or persons who have an estate tax or state tax liability desire to pay those taxes with the leverage of life insurance. But if the life insurance is paid into the estate, it only exasperates the taxes due. One way to avoid the taxes on the life insurance proceeds is to have the irrevocable life insurance trust own the policy on behalf of the beneficiaries.
    Answered on July 21, 2013
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