NJSBA Family Law Section

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  • 1.  Insurance Trusts

    Posted 12-20-2015 02:35 PM

    Good point.  I am not an accountant either but I think there are different tax consequences for an insurance trust.  Any accountants in this group that could shed light on this?

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    Dale Console Esq.
    Kingston NJ
    (609)683-0003
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  • 2.  RE: Insurance Trusts

    Posted 12-20-2015 03:23 PM
      |   view attached
    If the insurance policy is purchased in the name of the trust and the trust is irrevocable, the proceeds will not be taxable in the estate of the deceased parent.  If the parent has existing life insurance he/she wishes to use and make a gift to an irrevocable life insurance trust, then 3 years after the date of the transfer of title of the policy, the proceeds will not be taxable to the deceased parent's estate. 
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    Guston & Guston, L.L.P.
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    Glen Rock NJ 07452
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  • 3.  RE: Insurance Trusts

    Posted 12-20-2015 06:36 PM
    I was only addressing the issue of the trustee. But all of these comments point out the advisability of seeking help from other professionals

    Sent from my iPhone



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