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Dear Jonathan: I am a single man. My net worth is between $9 million and $10 million. I understand that under the current law the federal exclusion from federal estate taxes is $5 million, which means that if I die this year, my estate will incur a federal estate tax. My financial advisor is encouraging me to purchase a life insurance policy with a death benefit sufficient enough to offset any federal estate tax liability that will be imposed against my estate. Do you think this is a good idea? Jonathan says: The exclusion from federal estate...
