Revocable Trust For Life Insurance
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FAQ
The 3-year rule refers to the IRS regulation that states if you transfer a life insurance policy into a revocable trust for life insurance within three years of passing, the policy's death benefit may be included in your taxable estate. This rule aims to prevent individuals from avoiding estate taxes through last-minute asset transfers. Understanding this rule is vital for effective estate planning.
Key Takeaways. If your estate exceeds your state's estate tax exemption threshold, it may be wise to place your ownership of any life insurance in an irrevocable life insurance trust. Proceeds of a death benefit payout will not be included as part of your taxable estate if a trust, not an individual owns the policy.
However, in most cases, it is best to list your revocable trust as the primary beneficiary of your life insurance policy. Here is why. Consider the following scenario: Husband and wife get into a car accident and assume that husband has a $1MM life insurance policy.
You may choose to place an existing life insurance policy into a trust by transferring its ownership, or you can set up the trust first so that it can purchase the policy. In some cases, you may be able to fill out a simple life insurance trust form with the basic information to begin the process.
The revocable trust can be used to own the life insurance or be the beneficiary of the life insurance. The benefit of the revocable trust holding the life insurance is that if you were to become incapacitated, your successor trustee will be able to keep administering the life insurance policy on your behalf.
To put your life insurance into a trust, you'll need to create a trust deed; a legally binding document which outlines the parties that make up the trust, the trust terms, and the trust beneficiaries.