Raymond Karam, CPA & Tax Attorney

Life insurance proceeds usually go into the gross estate for estate tax purposes. One-half of the proceeds derived from a community policy for a spouse who dies will go into the deceased spouse's gross estate. An unlimited marital deduction allows the beneficiaries to avoid tax if the surviving spouse is not the insured. The proceeds of the Federal Estate Tax applied to the deceased spouse will then be included in the gross estate of the surviving spouse (or the spouse's) in the event of the second spouse's death. If they deem it advisable, life insurance proceeds can be removed from both spouses' estates using an irrevocable life insurance trust. The trust is created by the insured spouse and irrevocably transfers ownership of all life insurance policy to the spouse/beneficiary, allowing them to continue benefiting from the life insurance for the rest of their lives. Furthermore, the spouse can also use the trust corpus to generate income for the beneficiary spouse's lifetime, as well as principal and any other benefits which may be needed to honor the best interests of the spouse for his or her health, education, or support. A limited or special power may be given to the noninsured spouse over the trust corpus and allow them to designate the successor beneficiary when the initial spouse or beneficiary dies (Raymond J. Karam, CPA & Tax Attorney, 2022).

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