Way back in December, 1993, Cornell University’s Science News calculated that over ten trillion dollars in wealth would change hands by the year 2040, with about 115 million bequests averaging more than $ 90,000 each! With the up-tick in our recent markets, who knows what those numbers really are today?
When considering wealth transfer, most Americans want to know that no matter the size of their estate, their assets will move to the people they choose at the lowest possible rate of taxation and at the highest rate of interest earned throughout the life of the products they have purchased, with little or no risk. Consumers should also understand that a Single Premium Life product could be one of the most efficient wealth transfer vehicles available.
Today, you have many types of products from which to choose that will work: Universal Life, Indexed Life, or Whole Life. Since most of the inheritors are in the middle class, they are not candidates for and don’t need sophisticated estate planning. However, whether or not estate taxes will be a factor in your wealth transfer planning, income taxes can have a huge effect. Single Premium Life products take advantage of current tax laws. They provide you (the insured) with a lump sum of money to increase the size of your estate and then pass the proceeds – federal income tax-free – to your heirs while bypassing probate!
WATCH OUR WEALTH TRANSFER VIDEO
Download Our Wealth Transfer Handout
Learn More About:
David McKay, CMP™
Certified Medicaid Planner™ (CMP™)
McKay Financial Group
336 Wild Heron RD.
Savannah, GA 31419
Local: (912) 692-0200
Toll Free: 888-504-7771
McKay Financial Group does not warrant anything on this website, although we hope everything is accurate. We do not provide tax, legal, accounting, or investment advice. We are not responsible for any independent decisions made from information found on this website or links provided to external websites. You need to conduct your own research and consult with McKay Financial Group or your own financial professional about your personal situation before making any financial decisions.
INFORMATION CONCERNING COPYRIGHT INFRINGEMENT CLAIMS:
McKay Financial Group provides links from its website to various third party sites which may enable you to obtain locations and information outside of our control. We neither control nor endorse such other websites, nor have we reviewed or approved any content appearing on them. We do not assume any responsibility or liability for any materials available at these websites, or for the completeness, availability, accuracy, legality or decency of these sites.
© 2018 McKay Financial Group