If a survivorship policy is purchased in the name of an irrevocable life insurance trust, then

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Survivorship policies are typically purchased by spouses who want to ensure that their heirs receive a specified amount of money after both spouses have passed away. By purchasing the policy in the name of an irrevocable life insurance trust, the proceeds are considered to be owned by the trust and not by the insured individuals. This means that the proceeds are exempt from both estate and income tax, making it a valuable estate planning tool.

If a Survivorship Policy Is Purchased in the Name of an Irrevocable