Life insurance provides assurance for your family members after you die. But this is not enough. If not properly structured, your family members could be subjected to unnecessary, additional taxes. This can be avoided by seeking the help of a qualified and well-experienced South Florida estate planning attorney. Your estate can be strategically structured in order to avoid heavy taxation. This can be accomplished through the creation of an Irrevocable Life Insurance Trust (ILIT). This is a legal instrument that removes the life insurance from your gross estate through your relinquishment of control and transfers the benefits into the trust. The result is less taxation and increased asset protection for your loved ones. You can designate your spouse, child, or other appropriate party as the beneficiary of the trust and provide detailed instructions to the appointed trustee regarding management of the trust. You can specify your preferred life insurance distribution, when payments, loans, or investments should be made, and when to terminate the trust. Establishing an ILIT today will ensure more protection for your family in the future.
If you have family, friends or even a charitable intent, the absence of an estate plan is inexcusable. For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation.
It’s a Wild world. Are you protected?