<p>Life insurance is probably the most important estate planning tool.  It provides the estate with cash that it otherwise would not have. An  estate needs cash for several reasons. First, it may be needed to pay  for death taxes. A husband and wife estate of $7,000,000 (in 2009)  without an estate planning trust will have to pay about $1,400,000 in  death taxes and probate expense at the time of a surviving spouse's  death. Also, husband and wife estates of over $7,000,000 (in 2009) will  be subject to death taxes even with the basic trust. A discussion of  estate planning for estates over $7,000,000 (in 2009) is beyond the  scope of this booklet. If there is no cash, then assets of the estate  must be sold to pay these expenses. Also, life insurance proceeds can be  used to provide cash for the decedent's wife and children to pay living  expenses, college tuition, and other needs.</p>
<p>There are three main  types of life insurance. First, there is term insurance. It simply pays  the face amount of insurance if the insured person dies. It has the  lowest premium and is the least expensive type of insurance. Next there  is whole life which has a higher premium. It builds up a cash value and  should you cancel the policy you will be paid the cash value of the  insurance policy. A relatively new type of insurance is called Universal  life. It is similar to whole life.</p>
<p>For persons of considerable  wealth there is a special type of trust called an Irrevocable Life  Insurance Trust. Life insurance put in this type of trust will remain  death tax free. However, this type of trust is very complicated and  further discussion is beyond the scope of this booklet.</p>
<p>It is  important that you use the services of an important that you use the  services of an insurance agent experienced in estate planning. These  experienced agents can be very helpful in working with you and your  attorney in developing an estate plan that is custom tailored to your  needs.</p>
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