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November/December 2008 Tax Tip
Keeping Life Insurance Out of Your Estate
Insurance on your life will be included in your taxable estate if either:
1) Your estate is the beneficiary of the insurance proceeds, or
2) You possessed certain economic ownership rights in the policy at your death (or within three years of your death).
Avoiding the first situation is easy but the second one is more complex and requires careful planning. Consider an irrevocable life insurance trust to circumvent the ownership rights in number 2 above.
If you would like to discuss this estate planning strategy in more detail, call Robert Freed, Director of Tax Services, at 302-737-6200, toll free at 800-347-0116, or e-mail rfreed@santoracpagroup.com.
Click here to see archived copies of previous tips.
2008-2009 Tax Planning Guide Available
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To help take advantage of all the tax breaks you’re entitled to, we are pleased to offer our 2008-2009 Tax Planning Guide. It highlights important tax law changes and provides an overview of new and proven ways to reduce your personal and business tax liabilities. |
Read the monthly Tax Report newsletter below.
Call Robert Freed, Director of Tax Services, at 302-737-6200, toll free at 800-347-0116, or e-mail rfreed@santoracpagroup.com, if you would like to discuss your tax needs in more detail.