While we as U.S. residents think often about travel insurance coverage when we’re traveling overseas we’re not so quick to worry about health insurance for Canada travel. This is especially true if our voyage to Canadian provinces is by car and not by air. We don’t expect to need health insurance for Canada travel to protect us from exotic diseases or militant uprisings.

Health insurance for Canada travel should not be ignored, however. Your medical insurance provider in the U.S. will typically only cover a medical emergency in Canada if the emergency was precipitated in the U.S. and the nearest emergency medical care is Canadian. This is especially true if you’re a senior citizen whose only form of medical insurance is Medicare. Health insurance for Canada travel is, therefore, a must.

Since you are allowed to give gifts of up to $10,000 per year, per person non-taxable to whomever you wish. The premiums would be divided up in many $10,000 gifts each year for each of whomever you designate, children, spouse, family member or relative. By creating the Life Insurance Trust and placing your life insurance policy in the trust, your policy would be the asset of the trust; therefore, the life insurance proceeds would be taken out of your estate completely. Another advantage of setting up the Life Insurance Trust is that upon your death, the proceeds of the life insurance would then go tax free to your children and you could also provide for your spouse and other family members as well.

There are several types of Trusts such as Revocable Living Trust, Children Trust, Simple Trust, Complex Trust and Grantor Trust. Based on your individual situation and circumstances, we help you create the proper structure and choose the best comprehensive estate planning that can minimize your taxes and help your children.