You may think that only a lawyer can help with an estate plan in Moberly, MO. However, Swartz Premier Group Insurance can help you round out your estate plan with a life insurance policy that meets your family’s needs. A wisely chosen life insurance policy can help fill the gaps in your estate plan.
Provides Tax-Free, Immediate Cash
When someone dies, survivors can be left with many bills, including final expenses and debts. This is especially burdensome if the person was young and the death is unexpected. A life insurance policy provides cash to pay for the funeral and estate taxes, if applicable.
A life insurance policy avoids creditor claims and probate, the legal process of settling a deceased person’s estate. This ensures your wishes are carried out and your loved ones are financially secure. The proceeds from a life insurance policy can also help your family cover lost income, as well as ongoing living expenses.
Protecting Your Assets
For high-net-worth individuals, buying a life insurance policy can prove invaluable. Some people place the life insurance policy inside an irrevocable life insurance trust to hold the policy ownership. This move can help prevent a third party from seizing the assets after your death because you technically don’t own the policy.
Additional Considerations
Life insurance policies have many different uses. For example, you can use the proceeds to:
- Fund charitable contributions
- Provide estate equalization among beneficiaries
- Simplify estate planning for individuals in second marriages
- Fund a special needs trust
- Help pay for long-term care
Determining what type of life insurance policy will meet your goals is part of the process. You can count on the staff at Swartz Premier Group Insurance, serving Moberly, MO, to explain your options. Contact our office to get started.
