| Life insurance may play a critical role in an estate plan. It may provide cash to pay estate settlement expenses and taxes, and provide capital to meet the financial needs of loved ones.
Life insurance owned by an Irrevocable Life Insurance Trust can be more advantageous.
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The proceeds of the life insurance policy may be insulated from estate taxes, subject to certain requirements.
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Life insurance proceeds may pass income tax free to named beneficiaries.
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The premium may be gifted, tax free, to the trust – thereby reducing the remaining taxable estate. |
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Assets of a properly structured trust will not be subject to claims of the beneficiaries’ creditors. |
An Irrevocable Life Insurance Trust may also be designed for special purposes such as family income protection, business succession planning, creditor protection, supplemental needs or replacement of assets gifted to charity.
Contact a MassMutual Trust Company Trust and Estate Consultant today to learn more about how an Irrevocable Life Insurance Trust can meet your needs. You can also find out how this experienced group is available to consult with both yourself and your attorney during the trust planning process.
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