Why Use A Life Insurance Policy For Wealth Transfer?
There are many reasons, but the most but the two most common are COST and TAX AVOIDANCE. With life insurance, you are paying pennies on the dollar. When you consider that a healthy 60 year old can create a $100,000 death benefit with a one-time deposit of around $25,000, the cost becomes very attractive.
And of course, life insurance proceeds are Income-tax Free to beneficiaries. Additionally, these policies can be structured to avoid federal estate and state inheritance taxes. There are very few asset classes that can make this same claim. That’s why life insurance policies are used so often in estate planning.
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