Ben Franklin said that in this world nothing is certain but death and taxes. Well, one product sits at the intersection of both – life insurance. It may not help you cheat death, but it may help manage taxes.
There are certain estate planning steps we should all take, including the creation of a will and a health care proxy. But if you have enough wealth that you expect your estate to be taxed—at either the state or the federal level—you may want to consider more advanced strategies, including using life insurance in a trust.The Heise Advisory Group teamemploy our PATH (Planning Assessment Thoroughly and Holistically) process to ensure nothing is overlooked and we have considered all viable options for your individual case.
Life insurance—typically in the form of a universal life or whole life policy—can help families provide funding to pay estate taxes and provide other benefits for protecting wealth. “You may want to look at an irrevocable life insurance trust (ILIT) as an advanced planning technique that can offer a variety of benefits,” says J. Daniel Murphy, director of estate planning at Fidelity. “It’s a good way to provide a source of ready cash for heirs to pay estate taxes on illiquid assets, such as property or businesses; as part of a charitable giving strategy; or to allow wealth to pass to your heirs outside your estate.”
At Heise Advisory Group, we will shop the market to identify the best solution to fit your needs and goals. We will show you how these pieces may fit into your overall retirement plan without compromising any of your personal financial needs.