Are you worried that your life insurance payout will be swallowed by taxes? Many retirees don't realize that while life insurance is usually income tax-free, it is NOT always estate tax-free. If you own your policy, the government could take up to 40% of the proceeds in federal estate taxes. In this video, we break down the "ownership trap" and show you exactly how to use an Irrevocable Life Insurance Trust (ILIT) to keep your death benefit out of the hands of miyazaki the IRS. Learn how to protect your spouse and children by making sure your legacy shane mcclanahan remains intact.
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Tags:#EstatePlanning #LifeInsurance #RetirementPlanning #InheritanceTax #WealthManagement #SuzeOrmanStyle #FinancialFreedom #ILIT #TaxTips
