My law school professor, who taught advanced estate planning, often said, "Life insurance, properly structured, in estate planning is the bedrock of beating up the IRS ... legally." This article, based on my 50-plus years of experience, shows you why and how my old professor was then and, even today, is right. Unfortunately, my experience with real-life clients also reveals that blunders involving life insurance cause more dollars to be lost to the IRS (and the heirs of these clients) than any other area in the income tax or estate tax. This is sad and, as you will see, unnecessarily so.
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