Case Histories
How you set up your life insurance matters.
Legacy Planning Group, Inc. is the one place you can turn to make sure your entire financial house is in order and properly maintained. Life insurance is just one of the many areas we help our clients.Life Insurance is a wonderful way to provide for your family in the event of your death. Set up incorrectly, though, all it will give you is a false sense of security. That was the case with Mr. Jones, a self-employed medical professional.
Several years prior to becoming a client, Mr. Jones had purchased a life insurance policy that would provide a couple million dollars to his wife and family should he pass away. Unfortunately, the policy was set up with his professional corporation as the owner.
Fortunately, we uncovered this detail and were able to work with their CPA to develop an innovative solution that transferred the ownership of the policy out of the corporation and into an irrevocable trust, shielding the life insurance proceeds from both income and estate taxes.
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