Estate Law Questions? Ask an Estate Lawyer.
Thanks for your question and good evening.
Here setting up an irrevocable life insurance trust as a legal entity that owns the life insurance policies you move into it. Because the trust owns your life insurance benefits, the benefits aren’t included in your personal estate and are not used to calculate estate taxes.
You would need a local trust lawyer to help you set up the terms of your life insurance trust. Once you set it up, you cannot change the terms of an irrevocable trust so it is important to do this correctly as part of estate planning.The primary pros/benefits here are as follows:
The general cons are as follows:
Overall this may be agood thing for you given the large amount of insurance.You may certainly set up such a trust and fund it with life insurance proceeds.
You can locate a local trust lawyer here.
It has been my pleasure to assist you tonight.Please let me know if you have follow up.Thanks again.
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