Life insurance is crucial not just to look after your family after your death but also to manage your taxes. If you own a lot of wealth and expect that your estate will be taxed at the state or federal level, then you should consider an ILIT or Irrevocable Life Insurance Trust. These tax rates are quite high and your heirs and family members might have to sell a number of assets in order to raise the cash to meet such hefty amounts. ILIT can provide great tax advantages but you need to administer it correctly by resorting to a professional. If your main goal is estate planning then you should opt for a universal life permanent insurance within the ILIT. We, at Legacy partners, bring you a wide range of services including life insurance, health insurance, critical illness, disability insurance, long-term care insurance, tax qualified plan, student loans, education planning, and estate planning. So, if you are based in Glendale, North Hollywood, Northridge, Pasadena, Sherman Oaks, or Van Nuys, you can resort to us without any hesitation.
Here, we have put together a few benefits of estate planning. Take a look.
- Provide Support to Family
If you want to leave enough for your family after your death or want to provide security and care for your children after the death of both you and your spouse, you should opt for a will where you provide names of guardians for your children after your demise and also, where they will live and how their money will be provided, and so on. All this can be done with estate planning.
- Quick Access of Properties to the Beneficiaries
This will help your beneficiaries get their due property on time. Some of the options include the insurances will be paid directly to the living trusts, joint tenancy, or beneficiaries; there will be a more simplified and expedited probate, along with partial payments for the beneficiaries while the will is still in probate.
So, what are you waiting for? Don’t delay anymore and quickly get started on your estate planning with us. Call us at 1.855.966.6884 to know more.