ESTATE TAX LIFE INSURANCE

Life insurance is a way to replace your family’s monthly income that would cease to exist, or be significantly reduced, if the main breadwinner was to die prematurely. Upon purchasing a life insurance policy, you’re creating a safe backup plan for your dependents to fall back on in case of unexpected death; giving them the financial security they need to handle their regular expenses. However, in doing this, you might just be leaving behind a huge tax bill for them to pay off.

While income tax isn’t subjected to the death benefits emerging from life insurance policies, the benefits can very well be considered to be a part of your taxable estate. This means that if the value of your estate is pushed higher after purchasing the life insurance policy, it may be subject to an estate tax. This is applicable to properties that surpass a certain level in terms of their value. The result is your beneficiaries being handed a whopping tax bill that can put a significant strain on your family’s finances.

As per the estate taxes, your heirs will be subject to state and/or federal taxes if your estate value exceeds a certain limit at the time of your death. To avoid a situation like this, you need to consult financial experts and conduct precise planning to ensure that your beneficiaries are able to get the most out of their shares and inheritance, without it being subject to hefty taxes.

Estate Planning with IFG Insurance Services

At IFG Insurance Services, we help you avoid taxation on your estate documentation, and ensure that your beneficiary forms and paperwork are aligned with the most updated and tax efficient methods. Our estate tax life insurance services ascertain that your dependents have a strong financial plan in place to help take care of all their monetary needs!

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The IFG Insurance Services Three Step Process

Introductions

In our first meeting, we’ll get to know each other. We will talk about what your financial objectives are, and what it is that you’d like to accomplish with your financial plan. We will also share a little bit about our financial planning strategies and what we can do to help you achieve your goals.

Building Your Plan

In our next meeting, we will begin building your plan. We will cover Social Security, Pensions, 401k’s, and Medicare, as well as your lifestyle and other factors that can affect your retirement income. We will also discuss how to protect your financial future from unexpected expenses and life events.

Proactive Management

As life changes, so should your plans. We will meet with you on a regular basis to re-evaluate your financial plan and make adjustments as necessary. We will work hard to ensure that you are always on target to achieve all your financial goals and objectives.