What Does Asset Transfer Mean?
An asset transfer occurs when one person gives ownership of an asset to another person or to a group of people.
Life insurance policies can be used to transfer assets to beneficiaries.
Insuranceopedia Explains Asset Transfer
Wealth from life insurance policies is not the only asset that frequently gets transferred after the owner’s death. Many people will dictate the transfer of their assets in a will and testament. However, unlike many assets transferred through wills, death benefits from life insurance policies are typically exempt from certain taxes, which makes them an attractive vehicle for transferring wealth.