Life Insurance After Sudden Wealth

Hi welcome back to the sudden wealth video series I'm shame or managing partner of quartz financial a comprehensive wealth management firm specializing in sudden wealth cases today's topic focuses on sudden wealth and using life insurance and to Lind his expertise and today's topic is hardly straight Harvey is a regional vice.

President for Pacific Life based in austin texas Pacific Life provides advanced insurance planning for corporations executives and high-net-worth families and it's not affiliated with LPL financial or quartz financial and be sure to review the important information following this video Harvey welcome to the sudden.

Wealth video series thank you well I'm sure your first question might be if I've just come into more wealth than ever before why would I need life insurance many people automatically assume that you purchase life insurance solely to provide a DEP enough it to your beneficiaries while the primary reason for purchasing life insurance is.

For death benefit protection life insurance can offer other benefits for the sudden wealth recipients for the sake of brevity let's look at an example let's talk about the Jones family who is lucky enough to win 20 million dollars in the lottery you have most likely heard of the estate tax or death tax this is a tax levied on everything you.

Own as it passes from one generation to the next Congress set this tax currently at forty percent above a certain threshold if mr. and mrs. Jones passed away the day after collecting their winnings the government would want to levy that tax less the current exemption the Jones family would have proximately four million dollars to the IRS a life.

Insurance policy could have been purchased to help replace the loss to the inheritable estate from the payment of inheritance and other taxes and other costs arising a death you might think well mr. mrs. Jones could have just had their estate pay the tax sure but at the end of the day would you rather your kids grandkids and favorite charities.

Receive that money or the government the choice is yours clearly we only lightly touched the many possible benefits life insurance can offer the sudden wealth recipient stay tuned for more videos on this important topic until then thanks for listening and thanks to courts financial for this important work.

If you've experienced sudden wealth contact the sudden wealth specialists at quartz financial they not only specialize in sudden wealth they wrote the book on it you you
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