How to make the most of life insurance
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Description
Abstract: Contrary to popular belief, life insurance isn’t always tax-free. But, with careful planning, it’s possible to avoid or minimize negative tax consequences and maximize the amount available for one’s family. This article discusses a couple of ways to get the most out of life insurance: 1) transferring a self-owned policy to an irrevocable life insurance trust (ILIT) and 2) avoiding the “transfer-for-value” rule.
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