Your "babies" are now having babies of their own. You can help provide financial protection into the next generation by:
Leaving a legacy for your loved ones.
Making sure your child has adequate life insurance coverage.
Then, you can look at building money for tuition expenses.
Leaving a legacy
You may decide to provide a legacy to your grandchild by naming them as beneficiary of a life insurance policy covering your life. In that situation, be aware that the IRS imposes a "generation skipping transfer tax" on certain transfers to grandchildren, so be sure to consult with a tax specialist.
You might be in a financial position to help protect, grow and manage wealth for your children, grandchildren (and perhaps beyond). By combining permanent life insurance with a trust, you can create a multi-generational wealth management plan.
With help from an attorney, you create an irrevocable trust, select your beneficiaries, and fund it with assets. This so-called "generation skipping" trust is designed to exist for multiple generations with the goal of providing financial stability for your children and grandchildren. The trust assets can be used to provide cash for education expenses, purchase of a home, start-up costs for a business or any other reason you desire.
Provided you qualify for coverage, permanent life insurance is typically a favored funding asset for such a trust. Life insurance is well suited because of its income tax-free death benefit, access to policy cash values on a tax advantaged basis, and affordability based on insurability.
Whatever your financial needs or goals, we have the products and financial strength that can protect you and your family throughout your life.
get a life insurance quote now