We all want to be able to leave something for our children and grandchildren. A universal life insurance policy can help you do just that while also helping to ensure that your beneficiaries do not have to deal with a large tax burden.
Estate transfer
The assets you’ve built up over your lifetime – such as a home, cottage, investment portfolio, business, or farm – mean a lot to you, and to your family. However, when you and your spouse pass away, virtually all of these assets will be subject to tax. As a result, your heirs could receive an estate of considerably less value than you intended because they have to borrow against the value of the estate, or even be forced to sell these cherished assets just to pay the tax bill. Transferring your assets through a universal life insurance policy can help minimize, or may completely eliminate, the taxes they would have to pay.
For your joy…and their future
As a grandparent or parent, there are many options available to help you transfer some of your wealth to your children or grandchildren other than through your will – and while you are alive to watch them enjoy it. One way to do this is to transfer the funds through a universal life insurance policy. Wouldn’t it be nice to help your children and grandchildren out with some of their financial obligations? Wouldn’t you like to see the smile on their face when your gift helps to fund your grandchild’s university education or helps to pay for your granddaughter’s dream wedding?
Ask your advisor how you can use a universal life insurance plan to help them in the future while allowing you to see your gift today.
Disclaimer
This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.
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