Irrevocable Insurance Trusts
A trust can be established to own life insurance policies insuring you individually or for joint and survivor life insurance policies.
The trust can be used to pool the policy proceeds and either be used to pay estate taxes upon your death (if necessary) or pay the proceeds to your children all while sheltering the proceeds from the creditors of your estate.
An insurance trust will also keep the policy proceeds from being included in your total assets for estate tax purposes.