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Painless Estate Planning that Can Make You Money |
Most of us have a concept of estate planning as being
more distasteful than almost any other task, like doing your
taxes only without a deadline. That’s likely
why many people who intend to improve their estate plan never
get around to it.
Realize that with an estate plan generally more property
will end up with the people or person the owner wishes to
have it in the event of the owner’s death and less
to overhead and to the government. That really is the
bottom line. Postponing estate planning is not putting
you at risk. It is putting your loved ones at risk – and
often this thought should be as much (or for some of us more)
of a motivating factor to having well-thought out estate plan in place.
Life insurance is an important component to asset protection in an estate plan. Life insurance can be used as a key component to an estate plan that can protect assets like a family home, farm or to prevent the failure or loss of ownership of a family business. Life insurance policy ownership can also be shifted from a person to a form of trust that can provide significant tax advantages.
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Life insurance as a component of an estate plan can provide for such diverse expenses as:
- Final illness costs not otherwise covered
- Funeral and burial costs not otherwise covered
- Business costs incurred to keep the business intact or replace policyholder
- Ongoing family or partnership business ownership protection
- Estate taxes, death settlement costs or other debt obligations of the deceased
These are just a few of the possible uses of life insurance that can make it an important component of an estate plan.
Estate planning does not have to be difficult. It can also make you money while
protecting your loved ones. To do this, estate
planners often “roll in” life insurance, auto
insurance and other protections that will optimize your financial
picture.
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