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You can’t purchase life insurance in the event that you’re nearing dying. It is better to buy this insurance early, so that you will be able to receive a benefit upon your death that will be sufficient to cover the major portion of your estate taxes. The estate planning approach does not help you avoid estate taxes. But it can aid those you love to be tax-paying. One of the most efficient methods to reduce your estate tax liability is to invest or transfer the majority of your assets. Attorneys may come at any time to collect estate tax, and you must be prepared to do this another way.

The elements of a life insurance trust are split into three distinct parts. The grantor serves as both beneficiary as well as the person who funds the trust account. The beneficiary of the life insurance benefit when the grantor passes away in death is called the beneficiary. The trustee manages and distributes the funds of the trust.

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