For partnerships and businesses with multiple owners or shareholders, a planned disposition of the deceased’s business interest upon death. Life insurance proceeds provide an immediate, tax free and fully liquid asset that can be used to purchased the deceased’s shares or ownership interest, thus minimizing business interruption caused by a principle’s death.
Purchased on a non-owner, Key Person provides cash upon death of a key employee who is vital to the long term success of a business. Tax-free Life Insurance proceeds can be used to hire consulting services, employee search firms, and to replace short-term revenues that would be generated by the deceased employee.
The need for life insurance can come in many different varieties. You may be an individual looking to provide your loved ones with financial stability in the event of your death, or you may be someone with an estate tax issue looking for a way to ensure that your loved ones receive the benefits of your estate, rather than Uncle Sam. Either way, life insurance is an ideal instrument to meet both of those needs.
Today, people who reach the retirement age of 65 can expect to live 10-20 years in retirement. Simply by living longer, those in retirement face a greater potential need for long-term medical care than ever before. Custodial care and nursing home care costs are rarely covered by Medicare. With a plan designed to focus on the needs of individuals as they age, you can protect your future standard of living now