LIFE INSURANCE

Life insurance contracts play important role in the estate planning. The proceeds of a life insurance policies payable on the death of the insured person will be not produce taxable income to the deceased person or to the beneficiary. The designation of a life insurance beneficiary usually made in the contract or in the will. Where the beneficiary made in the contract, proceeds are tax free from probate tax. These proceeds are also protected from creditor and estate tax. Life insurance contracts are great vehicles to generate tax deferred growth in your living time and tax free growth for your beneficiary.