At Hook Law Center, we approach estate planning with your financial protection in mind. We can set up an irrevocable life insurance trust (ILIT) for you, which will provide asset protection for your beneficiaries. A life insurance policy is considered part of your overall estate and will be subject to estate taxes, but by placing the insurance into an irrevocable life insurance trust, the proceeds can be protected from estate taxes. Your irrevocable life insurance trust can also be used to preserve your IRA, or to protect your beneficiaries in the event of divorce.
Though few clients start out considering life insurance a tool with true financial potential, at Hook Law Center, our attorneys can show you the best strategies tailored to your specific needs with this essential estate planning tool.