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Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
May/June 2021
Leave a Legacy
You may think of life insurance as a means to protect your loved ones financially should something happen to you. But life insurance can also be structured to accomplish specific estate planning objectives that reflect your final wishes. As part of an estate plan, life insurance proceeds can be used to:
Offset Estate Taxes
Using the benefit to pay estate taxes can leave more of your estate intact for your heirs.Equalize Estate Distributions
If one of your children will inherit a significant asset, such as a business or real estate, life insurance death benefits can be used to provide an equal inheritance to your other children. For example, assume you own a business that you want to leave to the child who helps you run it. Since your two other children have no interest in the business, you purchase a policy on your life having a death benefit equal to twice the business’s value and name your other children as beneficiaries. At your death, one child inherits the business, while your other children receive the life insurance proceeds.Make a Charitable Gift
You can name a charity as beneficiary of your life insurance policy. Upon your death, the charity receives the death benefit proceeds, reducing your estate by the amount of the benefit. Another option is to donate the policy to the charity, which also will reduce your estate’s value. Any premiums paid after the date of the gift are deductible.Provide for a Special Needs Dependent
Life insurance proceeds can help provide for someone who is unable to manage his or her own finances or care. Setting up a special needs trust and naming the trust as beneficiary of the policy’s death benefit is an option you may want to consider. Creating a trust generally ensures that your dependent can still qualify for state and federal benefit programs.Buy a Deceased Owner’s Share of a Business
Life insurance can provide funds to purchase a deceased owner’s share of the business from his or her estate or heirs. Legacy planning can be complex, so consult your legal, financial and insurance professionals for guidance.CONTACT US
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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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