Estate Planning and Wealth Management

Permanent life insurance can be used for the following:

  • Estate planning.
  • Cash accumulation. Cash values can grow on a tax deferred basis inside an insurance policy, without being subject to immediate tax. The tax is deferred until you are in a lower marginal tax bracket, so that you can cash out in this lower tax bracket.
  • Wealth transfer. This is when a person uses life insurance to pay taxes on gains (similar to estate planning). For example, a home can be passed on to your children in a tax friendly basis.
  • Estate tax liquidity.

Canadian estate planning and wealth management Peter,
St. John, New Brunswick

Peter: She advised me to consider life insurance as a way to pay taxes on capital gains. We own property on the ocean and the value of the property has gone way up. The proceeds from my life insurance will pay the tax on the capital gains, allowing my children to retain the properties without having to sell them to cover the capital gain tax.

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