High-net-worth individuals can avoid federal or state estate taxes on life insurance policies by placing the policy inside an irrevocable trust, which removes the asset from the taxable estate.

Authors

• Person: Not available Organization: U.S. Bank
  Why is insurance important in financial planning? | U.S. Bank

Sources

• Why is insurance important in financial planning? | U.S. Bank www.usbank.com U.S. Bank via serper

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• life insurance policy concept