Jul 27
Survivorship life insurance and how do you use it?
Survivorship life insurance is a tool to help you protect your wealth from the IRS. If you don’t plan properly, some of your money could go to the IRS at your death. While estate taxes may be inevitable, survivorship life insurance can be a way to replace a portion of your estate.
Here’s how it works: survivorship life insurance insures two individuals in one insurance plan and pays the death benefit after the death of the second insured. As a result, the cost is more affordable than purchasing two separate life insurance policies.
So, do you need to worry about estate taxes? It depends upon your estate’s value. In 1975,only 350,000 households boasted net worths in excess of $1 million. Today, that once-exclusive Millionaires Club numbers more than 3.5 million.
Keep in mind that your estate consists of:
-Home
-Cash/Money Market Accounts
-Stock/Bond Portfolios
-Pension/IRA Accounts
-Business Interests
-Other Real Estate
-Life Insurance Proceeds
-Automobiles/Artwork/Other Collectibles
-Gross Estate
(No Ratings Yet)
Loading ...
Print This Post
