ValeRosso
Guru
- 626
Trying to find a solution to this. Any help is appreciated:
Client (early 80's) has about $230k in annuities that just passed surrender charge period, doesn't know what to do with the money. Client met with an estate planning attorney and found out they will be paying 10.5% tax on all of their estate. Obviously, life insurance is exempt from this, and client wants to reduce estate taxes as much as possible.
I was thinking of possibly overfunding a LI policy, but I'm not sure if the amount of money ($230k) is even realistically possible to do this, or if there are any other strategies that could be used here?
Client (early 80's) has about $230k in annuities that just passed surrender charge period, doesn't know what to do with the money. Client met with an estate planning attorney and found out they will be paying 10.5% tax on all of their estate. Obviously, life insurance is exempt from this, and client wants to reduce estate taxes as much as possible.
I was thinking of possibly overfunding a LI policy, but I'm not sure if the amount of money ($230k) is even realistically possible to do this, or if there are any other strategies that could be used here?