Irrevocable Insurance Trust
Irrevocable Insurance Trust. Usually the trustee initially receives cash and applies for the policy(ies); however, you must survive for three years after transferring the policy to the trust to ensure that the insurance proceeds will not be taxed in your estate or your spouse's estate. The resulting death tax savings can be very substantial.
Benefits of this service include:
- Peace of mind knowing that insurance premiums are paid and Crummey notices are sent timely.
- Confidence that UB Trust Division has the experience in dealing with many different insurance products.
- A sense of security knowing UB Trust Division reviews the insurance policy(ies) in the trust to ensure that the policy continues to fit the needs of the grantor and beneficiaries.