What happens to your assets when you are gone? A well-organized estate plan can minimize tax liability and provide protection and support to your loved ones after you pass on. We will work with you and recommended estate attorneys to analyze your current financial status and assess the potential impact of state and federal taxes on your estate
There are many different options to consider when you are deciding on how to pass on your legacy. Do you want to leave financial gifts while you are living to family or charities? Do you want to set up a trust for your children or grandchildren? Do you want to make sure that your spouse and loved ones are taken care of with a direct transfer of assets without going through probate? Everyone’s situation is unique. That is why it is best practice to work with a professional. It is important to have a clear understanding of potential tax implications so you can make sure that your loved ones are taken care of without all of the extra burdens after you pass.
Life Insurance could be a very vital part of your financial and retirement strategy depending on your own unique situation. A life insurance policy can ensure that your loved ones are taken care when you pass away. Proceeds from a life insurance policy can be used for:
- Final Expenses: cover funeral, cremation, medical bills, and estate settlement costs.
- Income Replacement: beneficiaries that were reliant on your income can use the death benefit to cover day to day living expenses such as utilities, mortgage, car payments, groceries, household items, etc. for an extended period of time.
- Inheritance: leave the death benefit of your policy to specific loved ones.
- Pay Off Debt: beneficiaries can use the death benefit to pay off debt such as credit cards, mortgage, auto loans, and personal loans.
- Charitable Giving: you can name your charities of choice as beneficiaries to make sure that your legacy is passed on through philanthropy.
- Paying off State or Federal Estate Taxes: in some circumstances, your beneficiaries may need to pay estate taxes upon receiving inheritance.