Mutual of Omaha, Omaha, Neb., has introduced their new Guaranteed Universal Life Survivor (GULS) plan, allowing clients to ensure that their estate will go to their heirs instead of the IRS.
GULS is a special type of insurance, sometimes called “second-to-die life insurance” designed to provide funds after the second insured dies.
According to Mutual of Omaha Vice President Andy Hutchison, Product Development, under current federal law there is no estate tax on assets left to a spouse who is a U.S. citizen, but the estate tax kicks in after the second insured dies and the assets are left to children or others.