by John Darer CLU ChFC MSSC CeFT RSP CLTC
There are a variety of reasons that life insurance maybe a good purchase by or for the benefit of tort victims and their attorneys. Some of these include:
- Life insurance on parents (or grand parents) who provide care giving services and/or support can provide an immediate income tax free** lump sum timed to an event which is certain but the timing is not. The policy can be applied for and owned by a trust to keep the insurance out of the parents' estate and assure spendthrift protection after their death.
- Life insurance can equalize inheritances in families where there is a disabled child and much of the parents' resources has been used to care for the disabled child.
- Life insurance can equalize inheritances where one child is going into the family business and the other is not.
- Life insurance can be used for estate tax purposes, particularly when there is a foreign spouse and no unlimited marital deduction available.
- Properly arranged life insurance can be used to prepay estate taxes or the purchase of a business at a substantial discount.
- Life insurance can be used to fund a buy-sell agreement on partners in a law firm or business.
- Life insurance can be used to leverage contributions and fund a charitable foundation that is of special interest to a tort victim, or members of his or her family.
Impaired risk doesn't mean you can't be insured for life insurance. Programs are available with highly rated life insurers for clients with heart disease, Diabetes, Alcohol abuse, Cancer, Stroke, Sleep Apnea, Overweight, Heart Attack, Coronary Bypass, Foreign Travel to most countries, including Israel, Iran, India, Pakistan, Nigeria, Brunei, Uganda, Indonesia, Malaysia and more. Insurance is also available to older and older ages.
Please call John Darer at 888-325-8640 to discuss your particular situation.
**see IRC § 101 for conditions
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