However, done properly, you pay no gift tax on those payments, and when you die the trust will receive the policy proceeds free of estate tax.

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That suit sought to recover life insurance policy proceeds for the families and heirs of the millions who lost their lives in the Holocaust, many of whom had purchased life insurance policies.

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If the company found out that the insured had died, it would have to look for the beneficiaries and if they could not be found turn over policy proceeds to one of the states as unclaimed property.

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