Estate Planning St Petersburg, FL

Your Family Will Be Well Taken Care Of Tomorrow

Imagine – you could spend your entire lifetime building an estate only to have a major portion of it given up to the government in the form of estate taxes. Following the Death of a surviving spouse, federal taxes are generally due and payable in cash within nine months. Is there a solution?

Yes there is. ACM can help you keep your estate intact, allowing your children to retain what you’ve worked so hard for all your life, by utilizing Discounted Dollars Life Insurance – the most practical and economical solution for solving your estate tax liquidity problem. Instead of paying 100 percent of the tax with estate assets, life insurance can provide complete and immediate liquidity… at just a fraction of the overall cost.

We can help you plan your estate today, so you can be assured your family will be well taken care of tomorrow.

What is Discount Dollar Life Insurance?

Depending on your age and your health, you can purchase a life insurance policy that is designed to pay your estate taxes at the time of your death. In some cases, the total cost could be as much as 75 percent less than the cost of the actual taxes. Typically, premiums are paid over time for as many as 10 years. In effect, you are getting a “discount” on the amount of taxes your estate would be paying at the time of your death. Proceeds from the policy are not subject to probate and may be paid directly to the beneficiary.

Another option for dealing with estate taxes is setting up an Irrevocable Life Insurance Trust (known as ILIT). In most cases, these trusts are set up by the person who owns a life insurance policy. The owner of the policy is listed as the beneficiary and the trust administers the proceeds after the death of the owner. Typically, the proceeds of the policy are used to pay the estate taxes. The benefits of this type of trust include:

  • Avoiding probate – provided the trust was set up at least three years prior to death, the proceeds do not go through probate
  • Taxation – because the assets are used to pay taxes on the estate, the tax burden on the estate’s beneficiaries does not increase

When planning your estate, it is important to review all of your options and ensure that as many of your assets as possible are protected from estate taxes. Discount dollar life insurance and an irrevocable life insurance trust are additional tools that you may consider to help pay the taxes due on your estate without reducing the amount your beneficiaries receive.

Advanced Capital Management, Inc. can show you how to get better returns on your retirement dollars and provide you with the income you need. Why not find out more about how a lifetime income annuity rider works? It costs you nothing to find out if a Fixed Index Annuity or Life Insurance is the right option for you. Just click on the orange “Get Annuity Quote” button to the right and see how you can generate more income, safely, for your retirement.

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