Life insurance plays a part in many estate plans. In a small estate, life insurance may actually create the estate and be the primary financial resource for your surviving family members. Life insurance can also be used to provide liquidity for your estate by providing cash to pay for final expenses, outstanding debts, and taxes. There are many other strategies you can use to pass on as much of your wealth as possible. We cover just a few of them below.

Learn the Basics

For many families, estate planning is about ensuring financial peace of mind for a surviving spouse, making sure assets are divided equally between children, and making sure as much of their estate passes to the next generation as possible. Here’s how to get started.

Asset Maximization

Asset maximization is a strategy we can use to ensure you’re getting the greatest benefit from often-overlooked financial assets like retirement accounts, CDs, pensions, and Social Security. For many clients, we can maximize retirement income by relocating underperforming assets.

Year-End Gifting

Year-end gifting is a financial strategy that allows to you pass wealth to the next generation tax-free. The government has set limits on the amount you can give, but it’s still a great way to reduce the overall value of your estate. This may decrease the likelihood that your heirs will have to pay estate tax.

Always consult your accounting, legal, and tax advisors before implementing any recommendations. This material does not constitute tax, legal, or accounting advice. It cannot be used for the purpose of avoiding any IRS penalty.