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Should I Be the Owner of My Policy?

2011 July 29

The answer to this question depends on the size of your estate. If the amount of your estate, including your life insurance, does not exceed the current unified tax credit limit, then owning your own policy does not cause any federal estate tax liability. However, if your estate does exceed the unified tax credit limit, the ownership of your own policy increases the size of your estate and can raise your estate tax liability. In many cases, a spouse can act as the owner and eliminate this potential problem. Please consult with us or your legal counsel if you feel this circumstance may apply to you.

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