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Asset Protection Strategies for You and Your Beneficiaries

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You may be surprised to learn that proper estate planning not only protects your assets upon your death but can also provide significant tax, financial and legal advantages for you and your family while you are alive. 

As examples, cash value life insurance policies and individual retirement accounts (IRA) can be structured to provide significant tax advantages and asset protection for you and your family. Considering the higher income tax rates being discussed at both the federal and state levels, as well as our litigious society, planning to attain tax deferral and asset protection is a wise decision.

A properly structured portfolio of cash value life insurance policies allows the assets inside of the policy to grow income tax free and asset protected while you are alive. The policy’s death benefits are protected from beneficiaries’ creditors and are income tax free as well. The cash value inside of a life insurance policy can be easily withdrawn under favorable tax conditions through returns of premium contributions and policy loans. A portfolio of cash value life insurance policies can be an excellent component of a properly designed estate plan, especially for business owners and professionals.

While you are alive, IRA assets are generally protected from creditors, as are 401(k) accounts and assets held in defined benefit plans. Such retirement plans can also provide excellent income tax deferral opportunities with proper advice and planning. Further, establishing a “Retirement Benefit Trust” for your children and other beneficiaries, future generations can also receive asset protection after you pass away.

Our knowledgeable team of advisors can provide asset security and tax planning strategies that fit your individual needs. Regular review of your plan can ensure that you and your loved ones are well protected.

Call us at 847-382-9130 or visit our website to learn more about estate planning options that are right for you. 

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