Takeover Magazine 1st issue april 15th 2016 | Page 36
This is also a good time to review
your life insurance to see if it is
sufficient to meet your growing
family’s needs. Life Insurance pays
an income tax free death benefit
your family can use to replace lost
income in the event of your
premature death.
But you’re not done yet. There are
still steps you can take that consider
how your financial goals will take
into account items like taxes and
potential penalties. For starters,
make sure you’re putting any excess
cash you can into accumulation
vehicles that provide either a tax
deduction or which grow income taxdeferred. You may also be eligible to
take advantage of the tax rules
which allow individuals over age 50
to set additional sums of money aside
into qualified plans on a pre-tax
basis.
The steps you take today can help
towards building assets that will last
for your lifetime, and still be able to
pass assets on to your family
beneficiaries in a manner of your
own choosing. Now is also the time to
consult with financial and tax
advisors to review your will, durable
power of attorney and perhaps
establish a trust that can help
maximize your estate and distribute
your assets according to your wishes.
34
Working towards your financial goals is
not something you accomplish just
once…it’s something you keep
accomplishing over the course of your
lifetime – as you move through the
various stages of life. But regardless of
which stage you’re in when you start,
the time to start is now.
This information is not intended as tax
or legal advice. Please seek the advice
of a professional advisor prior to
making any decisions regarding your
own situation.
The views and information contained
herein have been prepared
independently of the presenting
representative and are presented for
informational purposes only.
Michael R. Copeland
Agency Field Manager
National Life Group, Midwest Agency
DOME Financial Services, Ltd.
[email protected]
www.dfsltd.com
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National Life Group® is a trade name
of National Life Insurance Company,
Montpelier, VT, and its affiliates.
Dome Financial Services, Ltd. is
independent of the companies of
National Life Group.
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