Question: An elderly client has a life insurance policy worth $40,000 that upon her death pays $250,000 to her sole grandchild (or his estate). The client

An elderly client has a life insurance policy worth $40,000 that upon her death pays $250,000 to her sole grandchild (or his estate). The client still retains ownership of the policy. Outline for her the costs and benefits of transferring ownership of the policy to a life insurance trust.

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