Family Income Benefit - IHT & Policy Ownership
I was discussing a case this morning and got stumped on the issue of IHT on FIB. If a husband takes out a FIB on his own life, not in trust, and dies with 20 years of the term remaining, what is the IHT position of this on the estate? And would the will need to explicitly state this benefit as payable to his wife?
How do people get round this? Life of another or trust?
Chartered Financial Planner