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I want to be more helpful, less selling and get the right information out to you, so I am starting JUST ASK ANDY! Ask me question about taxes, inflation, medicine, retirement, Obama care, Alzheimer, long term care, retirement income, guaranteed lifetime income, tax free income, college funding, divorce and mortgages. Send me a message here or ask on my page. I will answer as many as I can, so come back often to see the newest questions and the correct answers While my focus is on Baby Boomers Retirement Planning I continue to help people from 30 to over 80. So many people today are looking for solutions to financial challenges and opportunities; we have many of the answers. I look forward to talking with you and learning how I may continue to be a part of your financial team. My new email address is

The Many Benefits of Life Insurance in Estate Planning

Life insurance is a unique asset used to accomplish any of the following:

    1. The creation of an estate where circumstances have kept the estate owner from accumulating sufficient assets to care for his loved ones in the event of a premature death.
    2. To protect a business value due to the loss of key employees.
    3. For debt reduction. Personal and business loans can be paid off with life insurance proceeds.
    4. To equalize inheritance. Most estates are made up of various illiquid assets and the liquidity nature of death benefit proceeds allows for equalization among children.
    5. Accelerated death benefit. Terminally ill individuals can receive a portion of their death benefit prior to death on an income tax free basis to pay for medical bills, and other expenses and/or to prevent dying destitute.
    6. To pay for death taxes and/or estate settlement costs. These costs can exceed 50% of the fair market value of an estate.
    7. Pay off a home mortgage.
    8. Fund a business transfer. Many businesses have multiple stockholders. Life insurance proceeds upon the death of one stockholder provide ready cash to finance the transaction.
    9. To replace charitable gifts. If large assets are gifted to charity there are fewer dollars that can pass as an inheritance. Life insurance can replace that lost inheritance.
    10. To supplement retirement funding. Certain life insurance products can supplement retirement funding by accumulating additional funds for retirement years.

    Many clients are in the process of building wealth but it may be years before Read full post