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HOW MIDDLE CLASS FAMILIES CAN LEGACY PLAN LIKE THEY ARE WEALTHY FAMILIES!

Updated: Jul 6



How happy would you be if you knew you had a large inheritance coming your way? If you answered pretty frickin' ecstatic, like most people would, then how do you get that large inheritance when you’re a middle-class family and not the heir to Jeff Bezos or Warren Buffett or even Scrooge McDuck?


As the saying goes, “there are only two guarantees in life… death and taxes”, but what if you can make those guarantees change the entire trajectory of your family’s legacy? What if you could start putting away money now and know exactly how much money you would receive in the future and that money be tax-free?


Well this all seems like way too much build up so here’s the very anticlimactic answer to all of this… life insurance! Right? Nothing exciting or out of the ordinary. It’s just a change of mindset on how to use it.


Typically, life insurance is for couples that have a mortgage or a child and they need to make sure the bills are covered if one of them were to pass. Well what happens once the mortgage is paid off and the child is grown? Why do you need life insurance? Well, for what the purpose of what life insurance is, reducing the financial strain after a death, you don’t need it anymore. You're basically self insured at that point so now let’s take a different look at this…


If you have a permanent life plan like whole life, guaranteed or indexed universal life, you can pass ownership to your child once they’re an adult and have them continue on paying premiums. Now your child is continually putting away for their future and knows exactly what tax-free amount they will inherit. There is no better way to turn cents into dollars than through life insurance and using it for legacy planning can change the long-term future of your family tree!


For more information on financial planning such as this, give call us at (623) 523-0444 or email us at Anthony@RotchfordFinancial.com or JR@RotchfordFinancial.com

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