What is your vision for your family's future?
Does it include:
- being forced to sell the family
business?
- being forced to sell the family
home to raise cash?
- paying unnecessary taxes
or expenses?
- a family rift that may not heal?
If you don't map out the future, this may inadvertently be your family's destination.
Below is an example of a plan that is out of control.
Income Taxes, Estate Taxes and Expenses can erode the estate by as much as 40%.
This plan hasn't taken advantage of the lifetime gift and estate tax exclusions and does not provide the liquidity necessary to replace the expenses and taxes associated with change.
The crisis you don't see in this chart is the family relationships and how the lack of parity can create chaos between the family members.
Without specific directions to follow, the vision becomes a blur.
Below is an example of the benefits of a good plan.
Planning keeps you in control and increases your family's share.
This couple has:
- organized their assets efficiently.
- maximized their lifetime exemptions.
- created trusts to control distributions to the next generation.
- provided liquidity for expenses and taxes.
- provided liquidity to create parity within the family.
If you truly want to remain in the driver's seat, then you must take the wheel and set the course.
Liquidity keeps the vision going.
Just like fuel, oil and other fluids that keep your vehicle running, liquidity keeps the vision going.
Life insurance is the most efficient method of providing liquidity. In addition, life insurance offers some asset protection from creditors in most states. The cash values may be used on a tax-favorable basis to provide cash flow, and the policy can serve as collateral for loans if needed. You can optimize your vision with life insurance.
Your Security Mutual agent has all the information you need to put your plan into action.
Be sure to check out these helpful estate planning tools:
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