Originally Posted by
Flyinhigh
The other way is to go to an estate planning attorney and have them draw up a Revocable Trust. You name the Revocable Trust as the beneficiary of all your assets (same for your spouse) and then it doesn't matter who passes away first. Everything is shielded from the estate tax.
For the FedEx guys, Hyatt Legal through Met Life covers the cost of doing this. Just some food for thought.
If you're trying to be smart with life insurance, a better method is through use of an irrevocable life insurance trust (ILIT). There are significant benefits to using this estate planning tool in combination with a revocable living trust.
Variables include marital status, the current size of your estate and potential estate value in the future and how much life insurance you're carrying. If you're going to consider a living trust, it's worth asking if an ILIT is appropriate as well.