The Kennedy’s might not be the wealthiest family in the United States, but their lasting fortune settles today at around $1 billion dollars. We know the family has managed throughout the decades, to keep their members in prominent business and political positions (and their names in the headlines), but how have they managed to keep their money intact?
It’s no secret that Joseph Kennedy, Sr. made the family’s initial fortune from insider trading during the early 1930s, but the clincher to the secure family wealth came by Kennedy’s smart decision to keep the money protected through trusts. Those trusts help to manage and grow the family’s assets – even circumvent hefty taxes. (The Kennedy Fortune / Forbes.com)
Creating Your Own Amazing Family Legacy
Joe Sr. might have had an advantage from his “insider” windfall, but for you and I to successfully plan-out money today, for our heirs tomorrow, will not take millions. That’s where life insurance comes into play.
Owning a whole life policy can be the catalyst to creating your family’s trust. A policy comes with inherent benefits that keep the value of your money stable. Instead of dumping your cash into an account that can suffer from inflation, fees or taxes, your money inside a whole life policy still grows to make you become wealthy. In short:
- Your money is sheltered inside your policy, leaving you with tax benefits.
- Your money earns steady interest with dividends.
- Your policy has a cash value that allows liquidity.
When you properly utilize a policy, you reap excellent wealth benefits because you’re really just making your money work for you. The financial features of a whole life policy allows you to exercise your money like the rich do – by creating trusts and leaving a lasting family legacy.
Watch – Successful Family Banking