estate planning package
Estate Planning Part 02 – Life Insurance and Estate Planning
As we mentioned in previous article, estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner.
I. Life insurance
The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. Life insurance if one of the vehicle that can ensure that because life insurance is tax free on hand of beneficiaries upon the death of the estate owner.
II. How it works
1. The proceeds from the insurance can be used to pay off any probate, taxes and fees and leaving the accumulated wealth of your estate for intended beneficiaries.
2. Under universal life policy and the growth of assets in your life insurance policy is tax exempt. The proceed of life insurance plus fund values will be not be taxed on hand of your designated beneficiaries and it can be used to pay off the debts of your estate that accrue at your death.
3. While you are a live, the funds value that are not registered in the policy can be withdrawn anytime that adds to the income. Funds that are registered can provide additional income when your retired. Since the funds can be withdrawn anytime, it give some security in case of emergency needs.
4. Life insurance in group plan not only can be used as enhancing employee benefit packages, providing coverage to protect against loss due to the death of a business partner, it also can be used as a strategy to minimize corporate taxes.
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
http://medicaladvisorjournals.blogspot.com
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
http://estateplanning02.blogspot.com/
About the Author
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“Let Take Care Your Health, Your Health Will Take Care You” Kyle J. Norton
I have been studying natural remedies for disease prevention for over 20 years and working as a financial consultant since 1990. Master degree in Mathematics, teaching and tutoring math at colleges and universities before joining insurance industries.
The Chancellor, in his Pre-Budget release, re-packaged the existing IHT Thresholds. Was anyone fooled by this?
A combined £600,000 IHT Threshold for husband and wife, or civil partners, was already possible, by effective tax planning.
There is no change there, only a punishment to those who paid for complex wills to be drawn up, which excluded me.
IHT is inately a regressive tax, rigorously collected, at a time when relatives are still grieving. Surely, it is more civilised to levy taxes on, and collect taxes from, the living. This would allow responsible parents, who prefer to earn, save and provide for their children, rather than spend the kids’ inheritance, the opportunity to do so. Estate Duty was intended for the landed gentry, not middle class tax-payers.
Further, many individuals feel discriminated against by the current IHT regulations. What about single people? What about the increasing numbers of couples who decide to co-habit and choose not to marry? What about individuals who were married and are now divorced? What about couples currently married who subsequently divorce?
probably 95% of the population in fact you are right he did nothing new he just made it legal thats all
Pensacola & Fort Walton Beach Estate Planning Attorney – Wills – Estate Plan Package $225.00
Senate passes tax cuts; now itâs up to House
The Associated Press The Associated Press WASHINGTON (AP) — The Senate Wednesday overwhelmingly passed a sweeping tax package that would save millions of Americans thousands of dollars in higher taxes while also reducing their Social Security taxes and extending jobless benefits.