Many people own life insurance policies that are no longer needed to protect against estate taxes. Part of every estate planning discussion with your lawyer should include a review of life insurance needs and the extent to which the needs are met by existing policies. Some people may discover they own policies that are no longer required for family security. A gift to charity of a policy that is no longer needed may offer income tax savings. Life insurance proceeds also can be divided between charitable and family beneficiaries, and can fund a charitable remainder trust or charitable gift annuity.
If you have questions about how life insurance fits into your overall estate plan, give us a call at 253.858.5434 to set up an appointment today. We proudly represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype or FaceTime.