Here’s How Life Insurance Is Ideal for Estate Planning

Life insurance offers strategic advantages for estate planning. Use your policy to create tax-free wealth for your heirs. Or provide cash to pay taxes and preserve existing assets. With careful planning and a smart tax strategy, you can turn life insurance into a great legacy for your family.

Immediate cash for expenses
Estate planning entails clearly and realistically projecting your family’s needs and planning for them after you die. One of the most pressing issues will be finding the cash to cover expenses.

Through a life insurance policy, your FORTAX Financial Advisor can help you plan ample money to support your family and cover the funeral, living and travel costs they face. It provides immediate cash, with no taxes or delays.

The probate process is necessary, but very time consuming. The courts must confirm that your estate is disbursed within complex legal guidelines. By carefully planning your beneficiary, you can ensure that the death benefit sidesteps probate and avoids estate taxes. It’s a great opportunity for you to leverage.

In provinces with high levels of probate fees, notably Ontario, British Columbia, and Nova Scotia, the ability to bypass probate can translate into thousands of dollars in savings even for a relatively modest estate.

Leverage life insurance to protect both your family and your estate. Ask your FORTAX Financial Advisor to show you the best options for accomplishing your estate planning goals.

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