When most people think about life insurance, it is something to be purchased when we’re young with financial responsibilities and dependents to protect. Any discussion about purchasing life insurance after we retire is often met with strong opinions as to whether or not it makes any financial sense. After all, the cost of life insurance increases significantly over the age of 65. While that may be true, the unique properties of permanent life insurance, such as guaranteed cash value growth, tax-free death benefits and tax-free access to the cash value, make it one of the best possible solutions in certain circumstances.
Giving to a charity is easy, right? You write a check and send it off to your favorite 501(c)(3) organization, and get a full deduction for the amount on your tax return, up to 50% of your adjusted gross income.
“How can I make my estate easy for my son?” asked Diane, a youthful retired client with a penchant for planning ahead. I often get this question in some form or another and usually provide advice on the industry best practices based on my history and research. This time was different, however, as I had even more first-hand experience.