This article is series two of the series of estate planning articles pertaining to Irrevocable Life Insurance Trusts.
An Irrevocable Life Insurance Trust is not just for the wealthy with estates over $5.25 million. This type of Trust may be useful for asset protection for mid-size estates to provide protection from potential lawsuits and claims.
For instance, when a life insurance policy is held by the trust, the cash value (if any) and the proceeds are also protected from potential creditor claims. As part of your Estate Planning, you can arrange for a set amount of savings to be transferred to the trust annually and the funds in the Irrevocable Trust will be used to pay on the policy. Over time, a large amount of value can be created in the Irrevocable Life Insurance Trust.
The post Florida Estate Planning: Asset Protection Benefits of an Irrevocable Life Insurance Trust appeared first on Upchurch Law.