Life Insurance for Estate Planning

Your hard work and clear vision for planning ahead have brought you financial success and stability for the future, but what happens after you pass away? It’s never too early to protect your legacy and ensure your loved ones have a solid financial foundation on which to achieve their own business and personal goals. Estate planning puts you in control of how your assets and wealth are managed and distributed, rather than leaving it up to the probate court, which can cost your family time and money. It’s never too late to protect your estate.  

Irrevocable Life Insurance Trust 

If you or your business own a life insurance policy on your life, the payout could become part of your estate upon your death. Life insurance is owned by an Irrevocable Life Insurance Trust from your taxable estate, creating a pool of funds that will be paid to your heirs – free of income or estate taxes. The trust also provides cash that can be used to pay state and federal estate taxes without having to sell assets such as a family business, real estate or collectibles. 

Wealth Transfer 

Business owners often transfer their company to children who are in the business. For those who are not in the business, life insurance is an excellent way to provide equal value to all children. It can be used to provide ongoing care for special needs family members or to fund educational expenses for future generations. 

Contact an adviser today to create an estate plan personalized for your needs.