4 Ways Insurance Can Strengthen Your Estate Plan
Life insurance can be a valuable estate planning tool when used strategically. It can preserve the value of your estate by helping you manage certain costs that can chip away at the inheritance you want to leave your heirs.
Here are 4 reasons you may want to include insurance in your estate plan:
1. Leave a Legacy
Life insurance helps cover final expenses and taxes upon death, making it easier to pass on your assets. This is a strategy where proceeds can also be used to ensure all heirs receive an equal inheritance, especially when assets are hard to divide or have uneven values.
2. Build Generational Wealth
Life insurance provides your family with a financial safety net—but it can also do so much more. The right policy can grow in value during your lifetime, giving you access to funds and helping you leave a lasting legacy for future generations.
3. Give to Charity
Life insurance policies can be used for charitable giving, offering potential tax benefits and allowing you to make a significant impact on causes you care about. You can incorporate life insurance into charitable giving by donating the policy itself or naming a charity as a beneficiary.
4. Plan for Business Succession
If you own a business, life insurance can provide an immediate lump sum of money at your passing that can be used by beneficiaries to buy out your share or keep the business running smoothly.
Incorporating life insurance strategies in your estate planning can help cover financial risks and achieve financial goals. Connect with your Raymond James Advisor today to make sure your protection is up to date, comprehensive, and aligned with your financial goals.
This publication is for informational purposes only and does not constitute an offer to sell insurance products. It is based on information RJFP believes to be reliable, but its accuracy and completeness cannot be guaranteed. Insurance products are offered through Raymond James Financial Planning Ltd. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of Raymond James Financial Planning Ltd. In Quebec, Investment Advisors are acting as Financial Security Advisors of Raymond James Financial Planning Ltd. Raymond James Financial Planning Ltd. is licensed as a financial services firm in the province of Quebec. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters.