Life insurance in estate planning needs a fresh look. Instead of assuming the use of an irrevocable life insurance trust (ILIT) as the default estate planning approach, we should instead look at it as one of many ways of implementing a life insurance strategy. A new approach to life insurance planning is the wealth conservation and protection plan (W-CAP). A W-CAP is a simple estate planning methodology designed to preserve the client’s estate both while alive and at death.
Author: Steve Parrish, JD, RICP, CLU, ChFC, RHU, AEP, is the director for the New York Life Center for Retirement Income Planning at The American College of Financial Services. He is also an adjunct professor at both The American College and Drake University Law School.
