Life insurance is often the foundation of a family’s financial safety net, and it plays a critical role in estate planning. For young families, term life insurance provides affordable protection that ensures your children are cared for financially. For wealthier families, life insurance can help pay estate taxes so other assets do not need to be liquidated. An irrevocable life insurance trust can remove the policy proceeds from your taxable estate entirely. Always coordinate your policy’s beneficiary designation with your overall estate plan.
At SoMD Estate Planning, we help families across Southern Maryland navigate these important decisions. Contact us for a free consultation.
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