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    • Member Info
      • Native Language:
      • Korean
      • Home Country:
      • South Korea
      • Current Location:
      • South Korea

    • Join Date: Jun 2007
    • Posts: 1,271
    #1

    bypass probate and estate taxes

    Could anyone please paraphrase the following expressions in bold in easy English? You don't have to explain the meaning of each word.

    1. The accounting firm recommended an estate lawyer, who drew up my will. The estate lawyer recommended an insurance agent, who sold me a policy to put into my life insurance trust to bypass probate and estate taxes for my family.

    2. If you can buy your customers by selling something to the customers of a strategic alliance partner, either by sharing or for a commission, then you should pursue that method as well.

    Thank you.


    • Join Date: Oct 2006
    • Posts: 19,434
    #2

    Re: bypass probate and estate taxes

    #1 An insurance policy relating to the speaker's life which has been included in a trust set up to avoid his family having to pay taxes on his death.

    #2 "either by sharing the profits or by receiving a commission on the sale"


    • Member Info
      • Native Language:
      • Korean
      • Home Country:
      • South Korea
      • Current Location:
      • South Korea

    • Join Date: Jun 2007
    • Posts: 1,271
    #3

    Re: bypass probate and estate taxes

    Thank you, Anglika.

    On the first question, now I think I have understood the structure of the sentence. That is, "the insurance agent sold me an insurance policy to be included in my life insurance trust so that my family could avoid probate and estate taxes when I die."

    What I don't still understand is the expression "policy that is included in life insurance trust." When they say "my insurance policy is included (or put into) my life insurance trust," I don't know what this means. This would be because I don't know much about insurance system and what insurance trust is.


    • Join Date: Oct 2006
    • Posts: 19,434
    #4

    Re: bypass probate and estate taxes

    It may also be something specific to the US. Maybe someone there has some knowledge about it.

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