Using Insurance with Your Estate Plan

Wills and Trusts Parkville

Life insurance can provide peace of mind that your family will be provided for after you’re gone. If you’re concerned about their money management skills, an irrevocable life insurance trust (ILIT) may be beneficial because your heirs won’t receive the insurance proceeds directly, as they would if they were the policy beneficiaries. Rather, they’ll be the beneficiaries of the trust, and the trust will control when they receive proceeds. Creditor protection for both you and your beneficiaries and tax savings are other potential benefits. Contact us for details.

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