Estate planning attorney, journalist, and organized mom Bonnie Bowles of the Denver Examiner offers keen insight into the advantages trusts have over wills, when trying to protect the money in your estate.
And you know what?
Life insurance works very nicely with those trusts!
Here are three examples from Bonnie’s article, with my comments about life insurance added:
A trust bypasses the probate court process, whereas a will requires probate and the subsequent commitment of time and money.
A special needs trust can protect assets for a special needs person better than a will – without jeopardizing eligibility for government benefits.
How can that trust be funded?
Life insurance is a good choice.
A trust is the preferred method for protecting assets from creditors.
Life insurance does so as well! It can also provide the money to pay off those creditors.
What questions do you have about protecting your estate?