Editor's note: This is the first article in a series about financial and/or estate planning issues that we all should know but might be too embarrassed to ask about. First up: life insurance trusts.
One of the most valuable features of life insurance is that the beneficiary receives the death benefit income-tax free.
Life insurance trusts, particularly irrevocable life insurance trusts (ILITs), can minimize estate taxes and protect your heir's inheritance. By Marguerite Weese, JD, LL.M.