People with large estates have to pay huge amounts as taxes to the government. While during their lifetimes people do not face problems, the difficulties that arise after their death are more often the cause for grief for their kin and heirs. Therein rests the significance of estate planning. The most popular is an irrevocable life insurance trust. In order to assist you in this matter we at Legacy Partners Insurance & Financial Services Inc., offer you our services.We have offices in Beverly Hills, Burbank, Encino, Fresno, Inglewood, Northridge, Glendale, North Hollywood, Northridge, Pasadena, Sherman Oaks, and Van Nuys and bring to you a full set of financial services, along with estate planning.
Here are a few reasons why ILIT is the most effective of choices.
- Premium Benefits
Since the life insurance premium is paid by the trust and not directly by the person, the owner of the policy will have to ensure that the premiums are paid by the trust. So even if he does not have the means to pay the premium the payments will not stop.
- Tax Benefits
If premiums are paid out of the gifts that are made to the trust then the benefits reaped out of the gifts will not come under taxation for the legal heirs. And the death benefits that the beneficiaries and heirs will get are not considered taxable income by the IRS.
- Separation of Estate and People
Since the two entities are separated what affects the estate will not directly affect the owner. They can lend, borrow or sell from the assets or can transfer money of the estate as and when he or his heirs require.
So, what are you waiting for you? If you are Interest, give us a call at 855-966-6884 any day any time.