October 20, 2014
Before recent changes in estate laws, it was common for attorneys, financial planners and insurance agents to recommend purchasing life insurance — commonly called survivorship life — in an irrevocable trust designed to provide liquidity at the death of yourself and your spouse. That was then. This is now.
Today, more taxpayers, i.e., those with combined estates less than $10,600,000, no longer have to worry about the big slice of taxes on your accumulated assets when you and your spouse pass away. The question is then — why keep the life insurance you bought for that purpose if the need has vanished?