What is life insurance? Should I create an irrevocable life insurance trust in Florida? How can a life insurance trust help my West Palm Beach estate avoid estate tax when I die? In Palm Beach and Broward Counties, do life insurance payouts to beneficiaries get taxed as income? Why would Bill and Hillary Clinton include life insurance trusts in their estate planning?
Life Insurance Trusts in Florida
- One of the most common reasons to create an irrevocable life insurance trust in Florida is to avoid estate tax.
- An irrevocable trust that is properly created by a Palm Beach lawyer is set up with the death benefits paid to the trust, thereby excluding the proceeds being included in the taxable estate of the insured.
- Also, your local West Palm Beach trusts and estate planning attorney can structure the irrevocable trust for the insured’s surviving spouse
Hillary and Bill Clinton’s Life Insurance Trusts
- According to a July 25,2016 article in Money Magazine, Hillary and Bill Clinton have a “detailed” estate plan.
- What can a detailed and well thought out estate plan do for the future of your money?
- Delray Beach probate attorneys know that having an estate plan can help make the transfer of your money to the beneficiaries of your Florida estate much easier.
- In addition, an estate plan can prevent your wealth from being completely diminished by taxes and litigation.
- The article mentions that financial disclosures from Hillary Clinton ” suggest that the Clintons aim to use life insurance as a key part of their estate planning strategy, both to defray future estate taxes and to pass on large sums tax-free to heirs, advisers say.”
- What is the value of the Clinton’s life insurance policies? Click here to find out.