At Howard Kaye Insurance Agency, LLC, we do an excellent job of looking at traditional retirement saving with a fresh perspective. The perfect example of this is our strategy to maximize the value of your annuities.
If you own an annuity that you want to transfer to your loved ones or favorite charities at your death, a significant portion of its value could be lost to estate and income taxes. Annuity maximization is a strategy that allows you to replace all or part of your taxable deferred annuity with a life insurance policy that may not be subject to income or estate taxes at your death. This approach may effectively allow you to increase the amount you pass on to your beneficiaries.
For instance, if you find you do not need the deferred annuity income to maintain your lifestyle, you may save your beneficiaries a significant amount on income and estate taxes by exchanging it for a single premium annuity (SPIA) that provides an income stream to you for the rest of your life. You then obtain permanent life insurance with you as the insured, and use the SPIA distributions to pay the insurance premiums. At your death, the SPIA payments stop and the insurance proceeds are paid to your beneficiaries.
Your life's hard work is also your legacy, so don't allow your efforts to be diminished by texes. Call us today at 1-800-DIE-RICH to help you maximize your annuities and estate plans.
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