In my last blog post, I mentioned taking RMD (required minimum distributions) in excess of what you need for your monthly expenses and dropping that directly into a life insurance plan for your loved ones. What this does is maximize your returns for the benefit of your family. The RMD money is taxable income each year and you’re at the stage in life where your deductions are not as great as they once were.
We have 2 problems: we have excess funds lying in checking accounts and we have taxable events, so a way to replenish the family fund, is in your absence. This would accomplish two things, again, your tax money is recuperated, and your estate grows at a faster rate and a guaranteed rate than you would get in “of the market”. Please call me for a complimentary planning session to see if this makes sense for your family.