The estate tax burden of most Americans has been greatly lessened by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Tax Act"), which raised the unified gift & estate tax exemption to $5 million per person (indexed to $5.45 million in 2016) and allowed a widow or widower to use the unused exemption of a deceased spouse. Even with this relief, many Woodard clients have significant estate tax burdens due to the sale of their business, investments, or inheritance. In addition, life insurance proceeds can significantly increase anyone's taxable estate, if the insured owned the policy directly or indirectly at the time of her death.
Woodard Insurance, LLP, helps you transform your life insurance from a cause of estate tax to an efficient means of paying the estate tax. By establishing an irrevocable trust drafted by your attorney to own life insurance insuring you, you can create an estate-tax-free asset to pay some or all of the estate tax on your hard-earned wealth. We work with your attorney and CPA to assist in the proper drafting of trusts, wills, foundation instruments, and other documents related to your estate plan, and we help you with the annual maintenance of your life insurance trusts.