To eliminate the estate tax on proceeds, an attorney could help him create an irrevocable insurance trust to own this insurance policy. With the trust, at death, there would be no income or estate taxes to pay. My point is that with some time and patience, and with legal counsel to guide you through the various trust options, I feel the effort is well worth it. If you need brain surgery, you would seek out the best of the best. It also makes sense that when it comes to estate planning and attempting to do the best for your loved ones you also need to choose the best.
Estate planning is a team event.
When it comes to your money that you have worked a lifetime to create, you need to seek out professionals who have proven track records both academically as well as working with clients on a daily basis. Not every single income tax return is thoroughly scrutinized to make sure all income was reported and that all deductions were legitimate. However, when it comes to the federal estate tax return, you can be assured that the IRS will make certain that all values are absolutely accurate. It's for two reasons. This is the last chance they have to tax you.