Estate Planning
For families whose wealth is exposed to death taxes, estate planning is an essential exercise. Wills and trusts can protect against unnecessary taxes. Prudent gifting can help successor generations now while reducing taxes later. Life insurance can provide liquidity to pay for taxes which cannot reasonably be avoided and where family assets are concentrated in non-liquid investments, such as real estate or businesses. Life insurance, however, requires a willingness to part with dollars during a lifetime in order to provide significantly greater funds for survivors at death. Is life insurance “expensive"? It depends upon one's definitions and the consideration of the time value of money.
For families whose wealth is exposed to death taxes, estate planning is an essential exercise. Wills and trusts can protect against unnecessary taxes. Prudent gifting can help successor generations now while reducing taxes later. Life insurance can provide liquidity to pay for taxes which cannot reasonably be avoided and where family assets are concentrated in non-liquid investments, such as real estate or businesses. Life insurance, however, requires a willingness to part with dollars during a lifetime in order to provide significantly greater funds for survivors at death. Is life insurance “expensive"? It depends upon one's definitions and the consideration of the time value of money.
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