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Do It for LOVE . . . OR . . . Do It for MONEY

There are many objectives that the ownership of a life insurance policy might address

 Life Insurance Proceeds Can Help:

 

1. Replace income lost due to death of a wage earner. 2. Establish a fund to pay for domestic services lost at the death of a caregiver such as a stay-at-home spouse. 3. Protect future insurability. 4. Create an education fund. 5. Ensure a retirement income “completion fund.” 6. Enhance an estate to provide for children of a prior marriage. 7. Satisfy divorce related obligations.  8. Create a fund to provide care for a loved one with special needs. 9. Settle debts and loan obligations. 10. Pay off or reduce home mortgage. 11. Pay burial and other final expenses. 12. Pay legal and administrative costs incurred at the insured’s death. 13. Provide a source of liquidity to pay state and/or federal “death taxes.” 14. Mitigate the impact of taxes on complex trusts.  15. Supplement any income shortfall of a total return or income trust. 16. Replace loss due to IRS tax incurred by annuities, IRAs and qualified plan assets.  17. Diminish the impact of marital deduction limitations of a surviving resident non citizen spouse. 18. Leverage transfers of generation skipping, annual exclusion, and exemption gift amounts.  19. Freeze “hot estate asset” values.  20. Equalize inheritances between business and nonbusiness heirs. 21. Collateralize a business loan. 22. Fund a buy-sell agreement. 23. Stabilize a business at death of a key employee or owner. 24. Fund postretirement health care costs. 25. Offset loss to business caused by the death of a key employee. 26.Establish a foundation to retain key employees (stay-bonus, SERP, deferred compensation). 27. Facilitate an ESOP repurchase obligation. 28. Replace wealth left to a charity. 29. Create a fund to produce an income stream to no charitable beneficiaries during the term of testamentary charitable lead trust. 30. Leave a charitable legacy.