Parents or Grandparents sometimes have discretionary money set aside that they never plan on spending. These funds are often intended to be passed down to the kids or the grand kids.
If that’s the case, what we have done for many of our other clients in this position is to move that money, instead – into single premium paid up whole life insurance policy.
What this does is simply takes the money you already have set aside and turns it into a greater amount in the form of a death benefit which you can then list your beneficiaries however you wish.
Not only does this increase the amount of your planned gift, but it avoids probate and the death benefit is tax free.
If you have interest in converting your “never money” into a single premium whole life policy please call Beck Insurance Agency in Whitehouse or Archbold, Ohio at 419-446-2777, email us at firstname.lastname@example.org, or click here to submit your request.
Joseph D. Beck, CIC, CPRM, President