Understanding Inheritance Taxes Can Save Your Loved Ones Money and Time
Estate planning and estate tax planning takes careful management and expertise in how estate taxes work. Without professional guidance, transferring wealth and financial resources to your benefactors can be tricky. Estate planning is different for everyone, but with careful management of your life insurance policies you can potentially help alleviate some of the tax burdens on your benefactors.
Here are some common questions people have regarding estate planning:
- Will my family lose a considerable amount of taxable assets?
- Will my family have to pay additional income taxes that may be a financial burden?
- What will my beneficiaries owe in inheritance taxes after my death?
- Can a life insurance policy offset estate taxes?
- Are life insurance payouts to beneficiaries tax-free?
- Would a life insurance payout provide income to help pay inheritance taxes benefactors might owe?
These are complex questions, and the answers will vary from individual to individual. It’s also important to consult with a life insurance expert and your financial advisor regarding state and federal laws.
With estate planning and estate tax planning, confusion is common and some knowledgeable clarity can be invaluable. Would you like to have some of your estate planning questions answered? Please do not hesitate to give us a call. We’re happy to help. We look forward to talking with you and helping you with your retirement planning.
Call us to talk about your life insurance needs at 800-392-6532
or fill out a Life Insurance Consultation Request online.