Asheville and Hendersonville Life Insurance Trust Lawyers

Incorporating Life Insurance Into Your Estate Plan

Within the estate planning community, there is some bias against having life insurance. The thought is, if you have a solid estate plan, there is little need for additional sources of financial support. However, at Strauss & Associates, P.A., we look at life insurance as a useful estate planning tool. In fact, adding life insurance is sometimes the best way to successfully achieve estate planning goals.

Plan your legacy. Protect your assets. Contact our experienced attorneys now at (828) 258-0994 or (828) 696-1811

Life Insurance Trusts

At Strauss & Associates, P.A., we address estate planning with life insurance in a number of ways. One strategy we use is to set up an irrevocable life insurance trust, which has several advantages:

An irrevocable trust provides asset protection for the beneficiaries.

Life insurance policies are considered part of the estate and are, thus, subject to estate taxes. Placing insurance and proceeds into an irrevocable life insurance trust, eliminates the estate tax from both cash values and death benefits.

A good estate planning attorney can set up the trust in such a way that the client and his or her spouse can indirectly access the contributed assets during their lifetime.

An irrevocable life insurance trust can be used as a tool to preserve an IRA.

It can be used to protect clients' beneficiaries in the event of divorce.

Our firm strongly believes that life insurance trusts and other life insurance planning can benefit clients and their beneficiaries. In reviewing our clients' situations, we will address their concerns about it and offer clear legal advice on the matter. We understand that few clients think of insurance as an opportunity, and it is our job to help them see the value in considering life insurance as a valuable estate planning option.

Planning for Premiums

Higher net-worth clients are often concerned about paying life insurance premiums because it may exceed the gift tax annual exclusions available to them. Our firm engages in creative planning that generates the cash flow to pay these premiums, eliminating their negative notions about the insurance. Using a variety of strategies tailored to the specific needs of the clients, we can help them accomplish their planning objectives.

Contact Us

For more information, or to schedule an appointment with an experienced attorney regarding life insurance and estate planning, please contact us. We also welcome calls from financial planners and accountants in need of an estate planning lawyer for their clientele.