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When it comes time to think about protecting your assets, it's important to make sure you are covering ALL your assets for the benefit of your family, favorite charity and legacy.
Consider a family with a large estate of $100 million. All their monies are outside the estate in various trusts so they don't have to worry about estate tax costs and they are able to take income when they need it. As far as investing their money, it's all in the market in equities. Sure, they feel the ups and downs of what happens in the market, but this is how they were used to doing things.
Not all of their assets were being protected. In these trusts, they had about $10 million in cash just sitting around. They could take that $10 million and create $50 million of life insurance. You may think, why do they need $50 million in life insurance when their estate is $100 million with no taxes and can be passed to the children?
We don't know the future. We don't know when we'll die or when the market will be up or down. What if the market is down the year you pass away or five years before? By creating $50 million of insurance with money you're just sitting on, you've protected $50 million of that estate.
The Howard Kaye Insurance Agency deals with financial matters like estate planning, asset protection, 401K and IRA solutions to help you create and preserve your wealth. For more information, please visit howardkayeinsurance.com or call 1-800-DIE-RICH (343-7424).
These informational materials are not intended, and should not be taken as medical advice on any particular set of facts or circumstances. You should contact a physician for advice on specific health problems. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the television station.