Support the Vulnerable Child
Taking out a joint life insurance policy is generally less expensive than two individual policies and offers some unique, strategic benefits. There are two options, identified according to the terms of the payout: joint first-to-die and joint last- to-die. Each has different uses, depending on your insurance needs.
How can you provide for a child with a disability, ensuring they have lifelong support? With one parent, your child will still have financial and practical assistance. But what happens to your vulnerable offspring if both parents are gone?
You can use your life insurance policy to set up a family trust. A Henson Trust is specifically designed to protect the assets of a person with a disability. It legally safeguards your child’s access to government benefits and offers estate and tax planning advantages.
You can have a reliable, compassionate family member act as the trustee. Ask your FORTAX Financial Advisor to help plan for your child’s support with the right policy. You also need a lawyer on your team, to ensure your trust is properly set up.
If you had died yesterday, how would your child’s future look? You can protect their vulnerability with smart advance planning.