8 Estate Planning Mistakes to Avoid (Page 5 of 10)
Categories: Estate Planning
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Mistake #4: Having Life Insurance in the Name of the Insured
It may surprise you to learn that life insurance proceeds are normally included in the assets of the deceased. Many people don't realize this. Keeping the plan in your name may result in a big chunk of the policy's proceeds going to the state/IRS in taxes. And didn't you buy the policy with your heirs in mind in the first place?!
A relatively simple life insurance trust may avoid the taxation of the proceeds and will control the distribution of the policy's proceeds. Click here to learn about choosing a trustee.
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