Funding Irrevocable Trusts with Life Insurance

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Proper estate planning may involve executing an irrevocable life insurance trust. This trust would own a life insurance policy on one or both spouses. If the need for liquid cash was higher after the death of the first spouse, then a single-life insurance policy on each spouse could work. If the need for a liquid cash wasn't that high after the death of the first spouse, or estate taxes are being deferred to after the death of the surviving spouse, then perhaps a second-to-die life insurance policy on the surviving spouse would also work.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Simon Johnson | Attorney Advertising

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