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Lawrence Journal World in Lawrence, Kansas

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This newspaper page contains 2 articles. Subscribers can read the full text of each article.

Newspaper

Lawrence Journal World

Location

Lawrence, Kansas, United States of America

Date

Apr 30, 2006

Page

12

MarketWatch Life Insurance and Estate Tax Considerations

Marshall Loeb MarketWatch explains how life insurance can protect heirs after death. It notes that life-insurance payouts are not subject to income tax but can affect estate taxes.

Irrevocable Life Insurance Trusts for Estate Tax Relief

The article explains using an irrevocable life insurance trust ILIT to remove ownership of life policies from the estate. It warns you must convince the IRS you relinquish control then transfer ownership, possibly gifting to children or using a trust. An ILIT must be active three years before death, requires expert legal help, and costs about 2500 dollars or more.

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