Irrevocable Life Insurance Trusts
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Approximately two percent of those who die each year end up owing federal estate tax. It surprises many people that their estates will be taxed, not because they necessarily have hard assets worth a large amount, but because the full face value of life insurance they own at death will be included in their estates for federal estate tax purposes.
People purchase life insurance for various reasons. Some do so as part of a buy-sell arrangement in the event of the death of a business partner. Some, desiring to give to the Lord's work, own policies naming one or more charities as benificiary. People often purchase life insurance for estate liquidity concerns and to ensure sufficient assets to meet the living needs of a spouse and descendants. Prudent use of life insurance as part of sound stewardship, however, exposes many Christians to unexpected estate tax.
Aren't Insurance Proceeds Tax Free?
How Much Will the Tax Be/
Can't Insurance Pay the Tax?
How Does an ILIT Help?
How Does an ILIT Work?
Is There a Charitable Aspect to This?
To request free literature which provides the answers to these questions, and more, click here.
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