Are Irrevocable Life Insurance Trusts Still Necessary In Florida?

When planning an estate people are always trying to do whatever they can in order to avoid tax liability. One estate planning tool commonly used in Florida to accomplish this are irrevocable life insurance trusts. However, with the new estate tax threshold some experts are questioning whether life insurance trusts are still necessary.

Usually proceeds paid out through life insurance trusts are utilized for paying estate taxes, however since lawmakers have set the taxable threshold at $5.25 million for an individual and $10.50 for a married couple, life insurance trusts may no longer serve this purpose for many people.…