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Although you might not be concerned about being affected under current laws, if history has taught us anything, it’s that the tax rules will most likely change in the future. For example, the federal estate tax laws alone have averaged one change almost every decade for over 200 years.For this reason, it’s imperative to have a plan in place to protect the wealth you’ve built. 

When it comes to choosing a life insurance policy, there is the potential to make serious and costly mistakes. Here are twelve mistakes to avoid when you are considering purchasing a policy.

It’s  often  said  that  life  insurance  is  not  for  those  who  die—it’s for those who live. And it is. If you die while you have  life  insurance  in  place,  the  people  you’ve  chosen  (your beneficiaries) will receive a sum of money (the death benefit) from your life insurance policy. They can use this money for anything, but its main purpose is usually to help make up for the loss of your income

Since many retirement assets generate a tax bill, taxes can undermine your plans and leave you with less than you expect. And with more and more potential changes in the tax code, no one can predict what you will face when you retire. Fortunately, in addition to a typically federal income tax‑free death benefit for your loved ones, life insurance can also help by providing supplemental income that is usually income tax‑free. Life insurance with cash value growth potential can be a valuable tool for taking more control of your taxes in retirement in three ways...read the article.

TAXATION IS HARD TO PREDICT. Tax rates have a history of going up and down, making tax planning particularly challenging. What will the rates be when you retire? And what impact might the economic hit of the current pandemic have on taxes in the short- and long-term?