Plan and preserve your legacy for future generations
Your hard work and clear vision for planning ahead have brought you financial success and stability for the future. It’s never too early to think about how you can protect your legacy and ensure your future generations have a solid financial foundation to grow and achieve their business and personal goals. Estate planning enables you to be in control of how your assets and wealth are managed and distributed, with the lasting impression and legacy that is uniquely yours.
Irrevocable Life Insurance Trust (ILIT)
If you or your business own a life insurance policy on your life, the death benefit could ultimately be included in your estate. Life insurance owned by an ILIT is removed from your taxable estate, thus creating a pool of funds that will be paid to your heir’s estate and income tax-free. These funds also provide instant liquidity that can be used to pay state and federal estate taxes without having to sell illiquid assets such as a family business, real estate, or collectibles.
Life insurance can also be used to provide ongoing care for special needs children or to fund educational expenses for future generations. Businessowners often transfer their company to children who are in the business, for those who are not in the business life insurance becomes an excellent way to provide equal value to all children.
Contact an adviser today to review estate planning solutions personalized to your needs.