What is the role of life insurance in wealth transfer?
An example of an AI chatbot conversation about life insurance for wealth transfer.
What is the role of life insurance in wealth transfer?
Life insurance can provide a tax-free inheritance to beneficiaries, ensuring wealth is transferred smoothly.
How does it compare to other wealth transfer methods?
Unlike trusts or gifts, life insurance offers immediate liquidity and can cover estate taxes.
What types of life insurance are best for this purpose?
Permanent life insurance, like whole or universal life, is often recommended for wealth transfer due to its cash value.
Are there any tax implications I should be aware of?
Yes, while the death benefit is generally tax-free, any cash value growth may be subject to taxes if withdrawn.
Can I use life insurance to fund a trust?
Absolutely! Life insurance can be used to fund a trust, providing liquidity to cover expenses or taxes.
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