How to Minimize Taxes on Your Estate: The Overlooked Planning Issue

💰Taxes on your retirement savings can be a major issue, especially as your savings grow.

🧩The most overlooked planning issue is the taxation of your registered retirement savings when you pass away.

📊Life insurance, specifically participating whole life insurance, can help minimize taxes on your estate.

🔍Using online tools, calculate your estimated tax bill to understand the potential tax burden on your estate.

🏦By planning ahead with life insurance, you can ensure that your estate has enough funds to cover taxes, debts, and distributions.

Why should I be concerned about taxes on my estate?

—Taxes on your estate can significantly reduce the amount of money available for your beneficiaries and causes.

What is the biggest mistake people make when planning for retirement?

—The biggest mistake is overlooking the taxation of registered retirement savings upon death.

How can life insurance help minimize taxes on my estate?

—Life insurance, such as participating whole life insurance, can provide tax-free funds to cover your final needs and offset taxes.

How can I estimate the potential tax burden on my estate?

—Use online tools and calculators to estimate your tax bill based on the value of your assets and registered accounts.

What is participating whole life insurance?

—Participating whole life insurance is a type of life insurance that builds cash value over time and provides coverage for your entire life.

00:03In this video, we discuss how to minimize taxes on your estate.

03:31The most overlooked planning issue is the taxation of registered retirement savings upon death.

06:23Life insurance, particularly participating whole life insurance, can help offset taxes on your estate.

08:41Planning ahead with life insurance allows you to cover your final needs and reduce your tax burden.