In most cases, If you currently have life insurance, and want it - TopicsExpress



          

In most cases, If you currently have life insurance, and want it out of your estate, you can transfer it to a trust but must wait 3 years before it is excluded from your estate (for estate tax purposes). If you set up a trust and buy a life insurance policy in the trust, no 3 year wait is required). a recent IRS PLR (Private Letter Ruling) helps clarify IRC section 2035 -PLR 201328010 Advice- see a qualified estate planner for how this all would affect you! I have a few attorneys I work with and almost always recommend a client visit one for an estate review. Note: for most people, life ins benefits are excluded from income tax (some exceptions apply in the law)
Posted on: Fri, 12 Jul 2013 14:17:42 +0000

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