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 See how we are putting our corporate values to work in our community… Do Good Tour Columbus 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. TC89084(0316)1