Speak with an experienced advisor! 415-294-5454 Speak with an experienced advisor! 415-294-5454Estate Tax Planning is a type financial tool that assists clients in planning for the change over from one generation to the next.
In the United States estates can be charged any number of fees and taxes upon this transition including, but not limited to:
There are numerous tools available to Americans to understanding the various estate taxes and estate tax planning. This type of planning is generally best done for the wealthiest of Americans given the cost and benefit.
On occasion, with the assistance of an attorney, estate tax planning may involve the creation of a Irrevocable Life Insurance Trust which may assist in estate tax planning.
On other occasions life insurance is typically deemed income tax free and may be able to be passed down from one generation to another with minimal income and estate taxes. However all situations are different concerning estates and their taxes.
WholeVsTermLifeInsurance is not a legal Representative and we are not attorneys. Always seek the licensed counsel of an attorney in your jurisdiction whenever considering such matters.
Written by Scott W Johnson
There are numerous places to consider investing your money – Are any of them better than ‘investing’ in whole life insurance? Whole life is often referenced as being a great tax free investment, and it can be. But there are dozens of other methods to invest in tax differed, tax free, and otherwise tax advantaged methods. Consider our list before buying.
Written by Scott W Johnson
The Goodman Triangle is a potential tax trap created when too many parties are involved on a life insurance contract. The original case from 1946 is considered a required reading for estate attorneys and seasoned insurance agents. The Goodman case can quickly prove that the old maxim (that life insurance is tax free) to be wrong.
Written by Scott W Johnson
Are policyowners / policyholders participating whole life insurance dividends really tax free? As with numerous simple questions no one simple answer is there. Policy owners generally may not have to pay income taxes but there are several cavets and reasons why someone might have to pay an income or another type of tax.
Written by Scott W Johnson
Direct, Not Direct Recognition which is better and which is the preferred method for whole life insurance buyers. Direct Recognition is a form of accounting used by Participating Whole Life Insurers to account for policy loans outstanding when calculating dividends. Our definition is both useful and illustrative of the various considerations that consumers need to think about when shopping for a participating insurer.
Written by Scott W Johnson
Should you consider Life Insurance for Retirement? There are better and worse ways to use life insurance for and during retirement – Learn the smart options. Once you retire you may longer need a life insurance policy. But how do you know if you are one of these people?
Written by Scott W Johnson
Do I need life insurance – this simple question does not have a simple easy cookie cutter answer. Consider your current life stage and your future plans. Determining your need for life insurance often can involve hard questions where there are no easy answers. Consider our life stages chart.
Written by Scott W Johnson
The misstatement of age provision is an important consumer protection tool in the world of life insurance. Learn about how a somewhat common mistake can prevent an insurance tragedy.
Written by Scott W Johnson
Single Premium Life Insurance is a type of whole life insurance. This whole life insurance policy has a death benefit that should (in theory) last forever but have a but one single up front life insurance premium payment. If you are considering buying life insurance, and this site has not yet talked you out of it, than single premium life insurance may be your best whole life option. Single premium is but one type of limited pay life insurance.
Written by Scott W Johnson
All about Life Insurance TrustsTheir Types, Kinds, & FormsA Best Use of a Life Insurance Trust4 Most Common Types used with Insurance(& what to be on the lookout for)Quick NavigationA Life Insurance TrustA Revocable Living TrustAn Irrevocable Living TrustRevocable Vs Irrevocable Definitions:An Irrevocable Life Insurance TrustA Special Needs TrustWhat is Probate?What to Watch out for.. More
Written by Scott W Johnson
When should you truly consider whole life insurance. What is its best uses? When can one consider the cost of Whole Life Insurance to a good potential value? What are the Best Uses for Whole Life Insurance? Great Questions. In my opinion, level term life insurance is such a great value for most Americans,.. More