Pre-Plan Your Final Expenses

Final Taxes:

When a person dies the government is waiting at the wall of death to tax them one last time.
Government will add up everything that they have not taxed on you and apply the highest tax rate to it.
Between taxes & fees could be 60% of your taxable assets
Best ways to pay for Final Tax is by owning a permeant insurance plan whether Universal Life or Participating Wholes Life (that pays dividends)

Funeral Expenses:

Since 1960 the average annual increase in the cost for a funeral is 19.1%
Lowest increase was 5.5% in 2010 and the highest is 29% in 1895
The National Funeral Directors Association estimates that the cost of funeral will be (56.2%) higher in 2020 and (71%) higher is 2030 - an increase to (14%) annually.

The Four fundamental benefits of planning a funeral in advance

The security in knowing that you are protected from the high cost of funeral inflation (19.1%)
Peace of mind comes with knowing your wishes have been made known and that details taken care of.
Comfort of knowing your family will not have to make funeral arrangements decisions during the difficult time of their initial grief - their grief leads to costly emotional decisions.
Assurance that informed, thoughtful decisions have been made about the funeral home provider, choice of service & cost.

What is GIA?

A GIA is comparable to a GIC, for it is an insurance contract that pays interest at a guaranteed rate. A variety of terms are available ranging from short-term to long-term. Either way at maturity, an investor can choose to re-invest their original investment plus the interest they have earned.

(The interest rates do not fluctuate with the markets once purchased)

Benefits:
Tax Planning

Every dollar saved in tax is an extra dollar available to save or invest - and a GIA provide tax saving in two ways for non-registered accounts.
First investors can defer taxes on GIA interest for up to one year.
Second when investors are age 65 years or older; GIA interest income may qualify for the pension income tax credit & for pension income splitting with a spouse or common law-partner.

Potential creditor protection

Protecting their personal assets from creditors is a common concern for professionals and small business owners. Creditors may have the right to confiscate what they possess personally if they are sued or the firm experiences financial difficulties.
GIAs may aid in creditor protection both during the invest's lifetime and after death, when the death benefit is paid out directly is paid out directly to a named beneficiary who is not a member of the investors estate. It is crucial to speak with legal professional about the criteria for creditor protection eligibility

Estate planning

Most people want their assets to transfer quickly, cost-effectively and more privately to their beneficiaries because a GIA is an insurance contract, it allows for the naming of a beneficiary.
This means the proceeds can be paid directly to the beneficiary and avoid the estate, and therefore probate where applicable and potential delays and associated costs, as well public scrutiny in a probate court.

High Cash Value

Cash Value Life insurance is a form of permanent life insurance - lasting for the lifetime of the holder - That features a value savings component.
The policyholder can use the value for many purposes, such as a source of loans and cash or pay policy premiums.