Michael A. Milazzo, CLU, ChFC

Registered Principal

The Meridian Financial Company

90 Lawrence Avenue, Suite 4, Smithtown, NY 11787

Phone:  631-979-4223

Fax: 631-656-8199 

Email: meridian@ae.cadaretgrant.com

Website: www.merfinco.com

July/August 2018

Planning Your Legacy

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Most people want to make their mark in the world and to be remembered when they are gone. Good deeds, love and financial generosity can help build a legacy. There are few better ways to achieve the financial aspect of creating a legacy than using life insurance to benefit loved ones, a cherished organization or a beloved cause.

The Vehicle
Life insurance has long been used as a way to leave a financial legacy behind for the people and charities people care most about. In many cases, the cost of paying premiums for this insurance over a lifetime is less than making an outright gift of cash that is equal to the policy’s death benefit.

For generations, life insurance has also been a go-to way to help loved ones pay estate and inheritance taxes. In light of new tax changes, fewer people will owe estate taxes (and have the need for insurance that helps pay for them), although they may still need to deal with local taxes.

A Charitable Gift
Charitable organizations are worried that the higher federal estate tax exemption and lower individual income tax rates will reduce individuals’ contributions to them. The thinking here is that lower tax rates and a higher standard deduction will prompt fewer taxpayers to itemize and deduct qualified donations.

Giving a gift of life insurance, however, is a more efficient way to make the same eventual charitable contribution as you did before tax reform.

Loved Ones
Taxes rarely play a part, though, in individuals’ efforts to secure their families’ futures. Life insurance helps to accomplish this. Caring financially for loved ones is the premise upon which the life insurance industry was built.

You can have a ton of money and still want to find an economical way to ensure the financial futures of the ones you love. Or, like most of us, you may want to leave a larger financial legacy behind than you have in assets and cash.

Life insurance can make up that difference. Life insurance can ensure your family’s financial future because life insurance is, above all, about love.


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Michael A. Milazzo is a Registered Representative of and offers securities through Cadaret, Grant & Co, Inc, a member of FINRA and SIPC. The Meridian Financial Company and Cadaret, Grant are separate entities. I am registered to sell Securities in the following States: NY, PA, NC, FL, CO, ID.
The Meridian Financial Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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