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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
By itself, life insurance — with its income tax-free death benefit — offers families and business owners an efficient estate planning funding vehicle. When combined with a trust, life insurance can accomplish even more.
One, even while the threshold at which federal estate taxes are levied was doubled this year, some states have estate and inheritance taxes on far smaller amounts. If you live in one of these states, an irrevocable trust can save your estate’s beneficiaries money.
Two, life insurance death benefits are not subject to federal and many states’ income taxes, but they can be subject to estate taxes. Putting life insurance inside an irrevocable trust makes the policy’s death benefit free of both federal income and federal estate taxes. Just as with other assets, a trust’s terms can dictate when and how the insurance proceeds can pass to beneficiaries.
If an irrevocable life insurance trust is of interest to you, consult an experienced estate planning attorney to
learn how to get started, as well as an insurance professional to learn how you can most effectively secure
insurance coverage.
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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