Learn How Your Policy Helps Estate Planning – Talk to Your Life Insurance Agent

Estate planning requires looking into the future and anticipating what could happen to your assets and family when you pass away. Deciding who gets the house or the family china is only one aspect. You also want to know that your spouse is not financially burdened, especially if you are the primary breadwinner. Additionally, if you have a family-owned business, you may also have concerns about who will take over and create an equitable distribution to all heirs. One way you can address these concerns is to take a closer look at your life insurance. How you set up your policies will help your family when they need it most. Your life insurance agent works with you to protect your loved ones during your Mississippi estate planning.

How Life Insurance Fits into Your Estate Planning

Deciding how to establish your estate begins with understanding all aspects of your assets and liabilities. As you work through retirement accounts, real estate property, and debts, it’s a good idea to consider how your life insurance policy applies to your overall estate planning goals:

1. Assistance with Paying Any Estate Taxes: Your estate will be responsible for paying any applicable taxes after you pass. If you do not have assets that can be easily liquidated, a life insurance policy can fill that void. Having this extra access to cash also aids when you don’t have enough savings, investments, or other options for paying any estate taxes. In short, you will ease the financial burden on your family, and it is often tax-free for them.
2. Support Estate Equalization and Asset Distribution: It is challenging to determine who will inherit what and ensure it is an equal distribution. This aspect can be much more difficult if you are a business owner wanting to leave your business to one heir who works alongside you. Life insurance helps balance the scales of estate distribution of assets to all heirs in the event of your death.
3. Income Replacement and Access to Liquid Funds: Knowing your family will be financially cared for is often the primary reason for purchasing life insurance. Term and whole life policies offer death benefits that pay out directly to beneficiaries when they need them most. It is often used as an income replacement or to pay medical expenses or debt.

Bring Your Estate Planning Full Circle with the Right Life Insurance Policy

Create the best possible estate plan by adding life insurance that rounds out your goals. A conversation with the team from the Executive Planning Group is the best place to start. We sit with you, listen to your goals, and create a plan tailored to your needs. Look to us for a full range of financial services, including group insurance and retirement planning, when you contact us today. You can also request a quote online.

Call us at 601-982-3000 to ask for a review of your life insurance policy in Mississippi.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.