How many times have you heard that there are only two things certain in life – death and taxes? We all seem to leave this life in the same way, and while we are alive we do everything we can to avoid taxes. Fortunately, there is a financial vehicle that makes the tax dilemma easier.
Imagine simply paying taxes on your money as it is deposited, AND from that moment forward as your account grows you don’t report the growth on your tax return, AND you get to access the entire growth while you are alive income-tax free, AND when you die the entire account balance transfers to your beneficiaries income-tax free! Sound to good to be true? You may be thinking this is a Roth IRA. Well think again, a Roth IRA has limitations as to the amount you can deposit on an annual basis but this financial vehicle does not. Still wondering what it is? I am talking about cash value life insurance.
At Paradigm Life we strategically design Dividend Paying Whole Life Insurance policies offered directly through highly rated Mutual Life Insurance Companies. We deal specifically with Whole Life Insurance because of the guarantees, ease of access to your cash value, tremendous tax advantages and protection that you get from creditors. We only use Mutual Life Insurance Companies because of their outstanding track record, these companies have been in business for well over 100 years. Because it is a Mutual Company you as a policyholder share in the profits of the company every year by receiving dividends. However, dividends are not guaranteed. If/When you receive a dividend there is no income-tax to pay as it is credited to your policy!
Imagine how simple your tax planning could be if you knew you were accumulating wealth inside a financial vehicle that did not require any tax reporting. We at Paradigm Life have helped 1,000’s of clients take advantage of this powerful financial vehicle. Let us help you design a custom policy suited for your needs!
