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Old 09-04-2021, 12:04 PM   #21
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Our estate plan creates four trusts; one for DS, 2 for grands and one special-needs for one grand. We are subject to state but not federal estate tax (so far!) and have no liquidity issues. So IMO no need for insurance products with associated fees. We're on our second estate planning attorney after the first one died. Both were top tier around town and neither said anything about insurance.
Old shooter, are you saying you have life insurance but your advisor did not suggest a plan for the policy? Or do you not have life insurance?

Since I have life insurance, our attorney drafting our will suggested a trust approach. He will not earn any additional income with this suggestion. He just thought it made sense. I just want to double check if it does. TX
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Old 09-04-2021, 12:10 PM   #22
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savory, I interpreted OldShooter's response as that they do not have any life insurance.
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Old 09-04-2021, 12:13 PM   #23
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Originally Posted by savory View Post
Old shooter, are you saying you have life insurance but your advisor did not suggest a plan for the policy? Or do you not have life insurance?

Since I have life insurance, our attorney drafting our will suggested a trust approach. He will not earn any additional income with this suggestion. He just thought it made sense. I just want to double check if it does. TX
No, no life insurance. I had term life when we needed the protection but that was decades ago.

If you already have the insurance then the tradeoff is probably whether to cash it out on whatever terms are offered or to optimize it in your estate plan.
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Old 09-04-2021, 12:17 PM   #24
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https://www.bloomberg.com/news/artic...-hard-to-close

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A niche strategy called private placement life insurance, or PPLI, was already gaining popularity among the very rich for its ability to shield fortunes from taxes. Now some advisers to the top 0.1% say it’s dominating conversations with their clients....

A little-noticed change in U.S. insurance law at the end of 2020 makes the tool more powerful, at the same time that competition among insurance carriers and advisory firms is giving rich investors more flexibility, lower costs and a wider choice of products on PPLI platforms. As long as assets are held in a PPLI policy, they escape taxes. When a policyholder dies, heirs inherit the PPLI’s contents tax-free.
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Old 09-04-2021, 12:28 PM   #25
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...The bare minimum you’ll need to start a PPLI policy is about $2 million, advisers say, but it’s far more common for investors to devote at least $5 million to the strategy. ...
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Old 09-04-2021, 01:57 PM   #26
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Yeah, they're talking real wealth to avoid real taxes
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