Tom Meaglia photo

Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120


Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

May/June 2021

Leave a Legacy

Leave a Legacy

You may think of life insurance as a means to protect your loved ones financially should something happen to you. But life insurance can also be structured to accomplish specific estate planning objectives that reflect your final wishes. As part of an estate plan, life insurance proceeds can be used to:


Offset Estate Taxes
Using the benefit to pay estate taxes can leave more of your estate intact for your heirs.


Equalize Estate Distributions
If one of your children will inherit a significant asset, such as a business or real estate, life insurance death benefits can be used to provide an equal inheritance to your other children. For example, assume you own a business that you want to leave to the child who helps you run it. Since your two other children have no interest in the business, you purchase a policy on your life having a death benefit equal to twice the business’s value and name your other children as beneficiaries. At your death, one child inherits the business, while your other children receive the life insurance proceeds.


Make a Charitable Gift
You can name a charity as beneficiary of your life insurance policy. Upon your death, the charity receives the death benefit proceeds, reducing your estate by the amount of the benefit. Another option is to donate the policy to the charity, which also will reduce your estate’s value. Any premiums paid after the date of the gift are deductible.


Provide for a Special Needs Dependent
Life insurance proceeds can help provide for someone who is unable to manage his or her own finances or care. Setting up a special needs trust and naming the trust as beneficiary of the policy’s death benefit is an option you may want to consider. Creating a trust generally ensures that your dependent can still qualify for state and federal benefit programs.


Buy a Decreased Owner's Share of a Business
Life insurance can provide funds to purchase a deceased owner’s share of the business from his or her estate or heirs. Legacy planning can be complex, so consult your legal, financial and insurance professionals for guidance.


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Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 9111 Cypress Waters Blvd., Ste 140, Dallas, TX 75019.
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