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When I do a policy on a child, I explain how the parents can change ownership to the child as such a point they feel they want to - if they want to. Personally, I would not automatically "plan" to have the policy go to the kids at a certain time when you set it up(ie: utma, etc) alot can happen in 10-15-20yrs. They may not want the child to have the policy at that time, and if they do...they can pass it over. Just keep in mind on ownership transfer there may be a tax implication.
Thanks. My concern is that they want to let it bake as long as possible. Preferably, until child is 65. What would happen if Parent/Owner died prior to transferring to child. The plan is to put $3k per year in for 10 years and then let it bake. I guess the thing to do is name parent owner with another adult named contingent owner in memo section??? Then transfer ownership to child at the right time.