Are you a resident of Mill Valley and searching online for the "best life insurance trust company near me" or something similar?
Well, in Mill Valley having life insurance in the trust of a reputed insurance company provides a multitude of benefits.
So, what is a Life Insurance Trust, exactly?
In simple terms, a Life Insurance Trust is a trust that is set up to own or benefit from the life insurance policy of the owner of an estate or business.
There are two types of trusts that are used to hold life insurance-
1) Irrevocable trust:
The assets under an irrevocable trust will not be included in your gross estate for estate tax purposes if you are not the trustee and have no significant control over it.
2) Revocable trust:
You can have a lot of freedom and authority with a revocable trust, but the life insurance death benefit amount will be included in your gross estate for estate taxation purposes.
There are the following benefits of having life insurance in a trust-
The management and distribution of life insurance funds are administered by a life insurance trust. The trust's income and assets can be dispersed according to your preferences.
The death benefit of a life insurance policy will be included in your gross estate if you are the owner and insured. When life insurance is owned by a life insurance trust company, however, the death benefit proceeds are not included in the insured's gross estate and are therefore exempt from state and federal estate taxes.
The profits from a life insurance policy owned by a life insurance trust company can assist secure a trust beneficiary's government benefits, such as Social Security disability income.
Therefore, contact a reputed life insurance trust company in Mill Valley today.
For more information visit: https://www.councilfinancial.com/.17.htm