I knew a life insurance agent some years ago who would approach elderly folks with a big net worth and offer them, for example, a $10M policy. The premium might be $9.5M but the advantage to the insured and his heirs would be the money payout at death would escape estate and federal taxation. The agent made a nice fat commission and the heirs paid no tax. I am not sure if this is still legal.
Any experience with this sort of arrangement?
I do not have an expertise in that area.