This 66 year old lady inherits $500,000, but doesn't need the
#money She's healthy, has no debt, and covers her living expenses from other sources. So this inheritance is just gravy! Also she has 3 kids and wants
#generationalwealth This is a great place to be for
#retirement So her question is what to do with all this cash if she doesn't need it to live on and wants to pass it along to her kids. Stocks? CDs? Leave it in the bank? As long as she's healthy, she could drop that cash into high
#cashvaluelifeinsurance plan. Why? Well firstly that $500,000 would earn
#compoundinterest at a better rate than a CD or leaving it in the bank. The average most of my clients get is around 5% to 7%. But most importantly, the funds grow
#taxfree and her kids will inherit the money completely income tax free! That's because proceeds from
#lifeinsurance aren't taxed when you pass away. So if she wants to leave it to her kids, the $500,000 can grow over the years, potentially doubling, and be inherited tax free! But what if she does end up needing the money? Maybe when she's older she needs
#longtermcare in her 80s or 90s. Many high cash value life insurance plans these days have special provisions in the contract to cover long term care costs. So if for whatever reason she needs the money later, she can access it for herself also tax free. The icing on the cake? Since life insurance isn't invested in stocks or bonds, it's a true
#safemoney asset. Her money isn't exposed to market risk! So if you have idle cash and don't know what to do with it, comment "money" below! I'll help you find out if life insurance could be a good fit
#financialliteracy #wealthymindset #taxfreeretirement #protectyourmoney