Having a game plan for your financial future is as important as the blue print in building your dream home. While taking the initiative to plan for the future and save money to fund your retirement goals is a great start, there are plenty of additional planning items to take a look at.
Our goal at Insure Wealth is to help plan your insurance and investment needs to best fit you, your family, or your business. Let us shop the market place for you, so you don't have to!
Protect Your assets. Grow your Future.
Insure Wealth uses industry leading insurance concepts, products, and investment planning for high-net worth clients to protect what they have built up and to reduce taxation.
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Estate & Trust Planning:
A healthy Insurance plan is the best dollar-for-dollar tool to leave large amounts of money to pay estate taxes and provide money for your family in the event of your passing. There are many professionals involved in estate or trust planning, including advisors, lawyers, and accountants. We work directly with your lawyer and accountant to help provide the insurance funding to offset your estate tax. Life insurance can help maximize your estate’s net worth for beneficiaries and is critical in tax and estate planning on assets gathered over the lifetime.
Insurance planning is not necessarily just about buying a life insurance policy to alleviate stress for your family when you pass away. Insurance policies, under the Income Tax Act, allow you to grow money tax-deferred and tax-sheltered. This can be used as an invaluable tool in wealth management, estate planning, and retirement planning by providing an additional source of income. Many people do not know that life insurance policies can offer tax-deferred growth, creditor protection, diverse investment options, and the ability to withdrawal your investment growth! Life insurance is the most widely used financial tool for building and retaining high net worth. Have you fully insured the value of your retirement assets? Many assets can add to your estate tax bill at death. Did you know any property owned other than your principle residence is subject to estate tax? By implementing a life insurance policy, the death benefit can be used to pay these taxes, leaving more money to family.
Under the Income Tax Act, you are allowed to grow your investment inside an exempt life insurance plan tax deferred and tax sheltered. You are also able to receive loan proceeds out of your insurance policy tax-deferred. The amounts of funds placed into the insurance plan are limited proportionately to the face amount of life insurance that you purchase and the exempt test of the accumulation fund.
Many clients have fully-utilized their life insurance plan to deposit extra cash and to use as part of their tax planning.
See the Income Tax Act, Section 306: http://laws-lois.justice.gc.ca/eng/regulations/C.R.C.,_c._945/index.html
An attractive feature of life insurance policies is that they may be able to provide protection from the owner’s creditors if the proper beneficiary designations are made prior to any insolvency on the part of the owner or collection action by the creditors.
See Bankruptcy and Insolvency Act & BC Insurance Act, Section 65: http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/12037_03
Your Financial Future's In Good Hands
Our goal at Insure Wealth is to help your insurance and investment needs to best fit you, your family, or your business.