In the Virgin Islands, consumers review options for providing financial support for their family after they die. The opportunities must cover the expense of a funeral and offer additional monetary benefits. A local financial advisor helps consumer set up a plan for providing adequate financial support for their family.
Life Insurance Policies
Life insurance policies provide death benefits that cover the cost of funeral expenses. The policies also provide monetary benefits to families that offer financial support. The policies are either term or whole life insurance. The term life insurance is available for a specific term. Whole life is paid throughout the entire policyholder’s life.
New Owners of Irrevocable Trusts
An irrevocable trust is used to separate key assets from an estate. The estate owner chooses a successor who takes over the trust when they die. The successor receives all assets through the trust and avoids inheritance taxes. The opportunity …