Irrevocable Trust in Wisconsin
When the estate of an individual, including death benefits from life insurance exceeds or will likely exceed applicable exclusion amounts for federal estate tax purposes, it is wise for that individual to remove life insurance from ownership. If outright gifting of insurance policies to beneficiaries is not practical, placing life insurance policies or other assets in an irrevocable life insurance trust may be advantageous. A life insurance trust may also be utilized to purchase and hold new life insurance which will eventually go to beneficiaries to be used to pay your federal estate tax, if and when it becomes due.
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For a FREE consultation with one of our estate planning attorneys at Doar, Drill & Skow, call 877-362-7529 toll free or contact us online. Located in New Richmond, we serve clients throughout western Wisconsin.