Three trusts benefit wealthy, older clients

Article Abstract:

Insurers can improve the life insurance planning of older, wealthy clients by using one of three types of trusts. The revocable living trust can be used to avoid the expense, delays and public scrutiny of probate, as well as providing a way to manage assets while the client is still living. The qualified personal residence trust transfers a residence to the client's heirs and removes its value from the estate, avoiding estate taxes. A grantor retained annuity trust transfers the value of assets other than real estate to the heirs.

Trusts, Funds, Trusts, and Other Financial Vehicles, Management, Taxation, Services, Insurance industry, Life insurance industry, Trusts and trustees, Trustees, Trusts (Law), Living trusts, Estates (Law)

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Life insurance makes charitable gifts grow

Article Abstract:

Giving to charities is one way to reduce taxes on an estate, and through life insurance or charitable trusts, the gift becomes even more significant. Donors can buy life insurance and deduct the gifts to charitable organizations. Then, the proceeds are given to the organization after the death of the donor. Donors benefit even more through the charitable remainder trust and the wealth replacement trust that is funded by insurance.

Public Finance Activities, Tax Deductions & Exemptions, Innovations, Charitable bequests, Tax deductions

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Consumption tax proposals can alter future of insurance

Article Abstract:

If a consumption tax is introduced to replace the income tax, the tax treatment of life insurance and annuities would change. Some alternative tax proposals would result in tax-free life insurance and annuity products. Other alternative tax proposals would allow the purchase of these insurance products with pre-tax monies.

Annuity Insurance, Consumption taxes, Annuities

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