What’s your legacy plan? How do you plan to support yourself in retirement but also pass on assets to loved ones or beneficiaries? There are lots of options available to help you with your plan and to give you the roadmap you need to move forward with your personalized legacy plan.

When thinking about your retirement planning, there are many strategies and tools available to you to help you accomplish your goal. You do not often need to leverage every single one of the provided strategies, however. For example, annuities and life insurance can be important but should always be considered within the context of your financial life plan.

This is especially true when it refers to a wealth transfer policy that includes life insurance in addition to a single premium immediate annuity known as an SPIA. This strategy is often recommended by financial professionals for those who are saving for retirement with a substantial IRA account that they won’t need for living expenses in addition to a large estate. This strategy leads individuals to purchase an SPIA inside of their IRA account and use the guaranteed income generated from that SPIA to pay premiums for a life insurance policy that is most often held in an irrevocable life insurance trust.

This can be a great way to accomplish your estate planning goals but always after discussing with your loved ones. The strategy does not universally apply to everyone completing estate planning. For further information, establish a relationship with a trusted estate planning attorney and discuss your options directly.

At our CA estate planning law office, we can help you with estate planning strategies for a simple or more complex plan- contact us today to learn more.


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