A strong estate plan can help you cement your financial future and take control of the assets you worked hard to attain. Combining a trust with life insurance not only offers you protection for your family, business and legacy, it also helps control how your legacy is distributed.
Life Insurance and Estate Planning
When it comes to estate planning and transferring wealth, there can be many benefits to using life insurance, such as minimizing the impact of estate taxes, making a charitable gift, or ensuring business continuity.
Many people know that life insurance provides valuable death benefit protection used for estate planning, but you may not know about the living benefits available through the product, especially how those benefits can be advantageous from a tax perspective.
A properly structured and thoughtfully designed life insurance policy can offer benefits as a complement to traditional qualified retirement vehicles with no income limits (unlike IRAs), tax-advantaged cash-value growth potential, with the potential to supplement retirement cash flow.
Cash Value Life Insurance
Cash Value Life Insurance is not a sexy investment but it’s a very solid income investment, which is why billionaires and people with hundreds of millions of dollars still look to life insurance to reap its unique benefits. Life insurance is so versatile that the same products designed differently can protect a young couple, help pay off debt or take care of a mortgage and make sure that a college education is there for a child. It can also protect an established family who have physical assets and need liquidity on debt.
Life insurance is one of the best ways to provide capital and liquidity needed to pay state taxes, federal estate taxes, gift taxes, whatever it may be, as that estate is passed on to the next generation.
Contact us at 248-362-1313 or submit the form below so we can begin designing a custom plan for you and your family.
