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Permanent Life and Estate Planning

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Why High Net Worth Individuals
Buy Life Insurance

High net worth individuals choose to invest in life insurance for several reasons. First and foremost, they seek to safeguard not only their assets but also their income, thereby guaranteeing financial stability for their cherished family members.

Moreover, these individuals utilize life insurance as a strategic tool to minimize estate taxes. Given that assets exceeding $12.92 million may be susceptible to a substantial 40% estate tax, life insurance emerges as a prudent means to mitigate this financial burden.

Additionally, high net worth individuals opt for life insurance to shield their wealth from potential tax modifications. Since life insurance policies are excluded from estate calculations and remain tax-free, they provide a reliable avenue for preserving wealth and navigating potential changes in tax regulations.

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Life Insurance as an Asset

Life insurance stands as a cornerstone in estate planning, revered for its role as a pivotal financial asset. Beyond ensuring a tax-free wealth transfer to beneficiaries, it serves as a strategic financial tool by covering essential expenses and estate-related costs.

Permanent policies, with their ability to accumulate cash value, add a layer of financial versatility. This cash value not only provides flexibility for evolving financial needs but also presents an avenue for potential income generation. Life insurance thus transcends its basic protective function, becoming a dynamic financial asset that adapts to changing circumstances and enhances financial well-being.

In essence, integrating life insurance into estate planning is a strategic imperative for those seeking a comprehensive approach to wealth preservation and legacy building.

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