1. 4827 POINTS
    J Paul Wilson CFP, CHFCPRO
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    The principal objective of estate planning is to ensure that your property is managed most efficiently during your lifetime and that your wishes are carried out most effectively after you die. Since life insurance creates tax free cash at death it has many applications in Estate Planning.

    Life insurance can be used to create an estate, to provide cash to take care of your family after you are gone.

    Life insurance can also be used in estate conservation and estate equalization.

    Once you have determined your objectives and calculated the need for cash to pay taxes, fees and other costs, nothing delivers cash at death as effectively as life insurance.

    Another use is estate equalization,in a situation where you want to give a fixed asset to one heir and balance it out with life insurance cash to another.

    In business situations, life insurance can be used to provide the cash not only to pay taxes and fees, but also to fund a buy sell agreement between partners.

    If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.

    If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
    Answered on June 17, 2014
  2. 7479 POINTS
    Steve KobrinPRO
    President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
    Life insurance is a superb tool for making your mark on the world even after you pass away.

    Let’s suppose you’re a family-first type of person. Your spouse, your kids, your grandkids mean everything to you. You want all your assets to go to them - the house, the business interest... all the stuff you have built and accumulated and enjoyed throughout your life.

    If you don’t take proper precautions, Uncle Sam could grab a good chunk of that when you die. But if you plan properly, it can all go to your family. And life insurance can take care of Uncle Sam.

    Putting life insurance in place could enable you to keep all your assets intact for posterity. And it could help you satisfy your estate tax obligations for pennies on the dollar.

    It is a good deal.

    And you know what else you could do with life insurance in your estate planning?

    You could make significant donations to charity. Because the premiums are so low compared to the benefits, you could spend not a lot of money but have a huge impact on the good work of your favorite nonprofits.

    Think about the difference you could make in the world by helping your favorite religious/political/social/medical research group.

    Perhaps you could fund the research needed to in eliminate cancer. For good.
    All with a life insurance policy included in your estate!
    Answered on August 13, 2015
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