Death and Taxes: Planning for Life's Two Certainties
Benjamin Franklin said nothing is certain except death and taxes. Yet too many people fail to plan for either. Captive insurance helps with both.
Two Certainties
Benjamin Franklin once said, "Nothing in life is certain except death and taxes." Although this statement is completely true and affects everyone on the planet, it's staggering to know the number of people who don't plan at all for either one. Both are significant, and regardless of past experience, there are many ways to significantly and efficiently plan for both certainties.
Planning for Death
Take a look around you. How recent was the last funeral you attended? Look closer at those you love and those you are responsible for. Planning does not take the pain and grief away from death. Life insurance does however provide for those you love when death happens and may benefit you very much while you are living.
Death affects everyone regardless of age. The closer that person is to you, the more that death will affect you. Wherever you are today, and in conjunction with your future goals, please review your current life insurance coverage. Make certain all information is up to date, including beneficiaries. If adjustments need to be made or implemented, take action today.
Planning for Taxes
Taxation is required by law. Reducing taxation by following the law is not required, but certainly available by implementing, electing, adjusting, structuring, exchanging, purchasing, donating, or even selling. Each of these verbs is related to specific action opportunities for those willing to learn and act at the appropriate time.
Wherever you are today, and in conjunction with your future goals, please review your current tax situation with your tax professional. Make certain all information is up to date and look forward. If adjustments need to be made or implemented, take action today.
Get Busy Living
In the movie The Shawshank Redemption, Morgan Freeman said, "Get busy living, or get busy dying." Living is best when you have a plan in place for both death and taxes.
Those who properly plan for both death and taxes properly take action and live securely in the process.