Many people realize that life insurance can play a valuable role if someone unexpectedly passes away. What a much smaller group of people is that life insurance can play a critical role in estate planning because it can be utilized to provide liquidity when needed.
With adequate estate planning, insurance proceeds can then be used to pay for things like estate tax. In the hopes that you make the most of life insurance in your estate plan, this article reviews some critical details to remember about utilizing life insurance.
# 1 – Avoid Common Mistakes