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.