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2020 -03/17 – Why you should keep life insurance out of your estate

Posted Apr 01, 2020

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If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance 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 (called “incidents of ownership”) in the policy at your death (or within three years of your death). There are other strategies for keeping insurance out of your estate. Contact us for more information about your situation.

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