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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
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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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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