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Ensuring Your Legacy with Life Insurance

If you have children or grandchildren, then you are probably concerned with making sure that you leave a legacy after your death. Whether you want that legacy to pay for the education of your descendants or to help them improve their quality of life, making sure that the assets you worked so hard for during life actually amount to a meaningful change in the lives of your heirs is likely a priority.

While many people don’t think of it this way, life insurance can actually give you an amazing method of creating a legacy and protecting the assets within your existing legacy. Think about it, your heirs may have bills to pay after your death – estate taxes, burial expenses, and bills that you leave behind. They may miss work while trying to settle your estate and even have to dip into their own savings and incur fees and penalties to maintain your estate and pay lawyers while everything goes through probate.

Life insurance proceeds do not go through probate and are not subject to federal or estate taxes. They can be given to your beneficiaries very quickly after your death and can be the perfect financial vehicle to bridge the gap in time that probate court creates. They can even cover all the expenses and taxes created by the rest of the assets you want to transfer. Life insurance proceeds can also provide your family with the means to give you the funeral and burial that they want to give you – without putting any undue financial stress on them. You can even use your life insurance death benefit proceeds to create a trust for your children and grandchildren that pays for their education expenses.

No matter how you choose to allocate them and whether you choose to make them part of a trust or not, life insurance proceeds are a valuable and necessary resource for your family after your death.


December 2, 2010



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