Life Insurance

Ben Franklin said that in this world nothing is certain but death and taxes. Well, one product sits at the intersection of both – life insurance. It may not help you cheat death, but it may help manage taxes.

Life insurance—typically in the form of a universal life or whole life policy—can help families provide funding to pay estate taxes and provide other benefits for protecting wealth. If you have enough wealth that you expect your estate to be taxed—at either the state or the federal level—with the help of a qualified professional, you may want to consider more advanced strategies, including life insurance in a trust. “You may want to look at an irrevocable life insurance trust (ILIT) as an advanced planning technique that can offer a variety of benefits,” says J. Daniel Murphy, director of estate planning at Fidelity. “It’s a good way to provide a source of ready cash for heirs to pay estate taxes on illiquid assets, such as property or businesses; as part of a charitable giving strategy; or to allow wealth to pass to your heirs outside your estate.”

As part of our Retirement Roadmap ReviewTM process, The Heise Advisory Group Team will help ensure nothing is overlooked and all viable options have been considered for your individual case. We will shop the market to identify the best solution to fit your needs and goals and show you how these pieces may fit into your overall retirement plan.

Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.