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The Magnificent 10: No.8 - Legacy, The Gift That Keeps On Giving!




I find these days all my kids want from me is cash. We build businesses, purchase assets in the hopes that our kids will appreciate this as our legacy to them. But sometimes all they want is cash and most times they don't want to wait until their parents retire or die to access it.

 

Cash value life insurance can simplify legacy planning!

 

Fund a policy for your kids over time, with the child as the insured and parent or grandparent as the owner. This can be done as early as two weeks old. When the child is older (18 +), ownership of the policy and its cash value can be transferred without tax consequence! Voila!

 

The many benefits of this strategy are:

  • a small investment can accomplish a lot more using the advantage of time

  • lock in insurability of the child

  • adds equity to wealth transfer and legacy planning

  • the child can enjoy their legacy earlier in life whether it be to fund education, start a business, purchase a property, or fund any other of life's endeavours.

 

Permanent cash value life insurance can be used to create a solid foundation for financial prosperity that can endure for generations! This is a gift that keeps on giving!

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