Life Insurance

Most people know what life insurance is, but they may not understand how it works and how to plan with it. As a result, life insurance is often overlooked, misunderstood and neglected.

The purpose of this guide is to summarize some key aspects of life insurance and how to incorporate it into your overall plan. In this guide, we start with a high-level discussion of the various uses of life insurance, from income replacement to help business owners prepare for future events. We then explore how each type of life insurance works and their different features.

We go into more depth in our discussion of planning with life insurance. We cover a range of topics from estate planning and wealth transfer strategies that encompass both the estate and gift tax issues, as well as income tax considerations and the appropriate structures to hold life insurance. We then focus on the unique aspects of life insurance as it relates to business owners and the fulfillment of philanthropic goals. Finally, we discuss the life cycle of the policy and the importance of periodic reviews.

The goal of this guide is to help you better understand this well-known but misunderstood planning tool. We hope you find this guide useful in your planning.