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Please comment on an Estate Tax Saving Strategy pertaining to life insurance proceeds. Is it true that if spouses are owners on each others life insurance policies and make premium payments, when one spouse passes away, the life insurance proceeds on his/her life owned by the surviving spouse are not included in his/hers estate and accordingly, are not counted toward estate tax. I have heard about creating a life insurance trust to achieve this tax saving. Is it necessary if spouses are owners on each others policies. Thanks
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