Jeff Altman discusses maximizing a legacy: The Role of life insurance in Estate Planning
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-jeff-altman-president-of-altman-advisory-group-legacy-planning/
Legacy planning is a critical component of financial planning that involves preparing in advance to transfer wealth to future generations and potentially beyond. Jeff Altman stressed the importance of legacy planning to ensure individuals can pass on their hard-earned assets to their heirs in a strategic and tax-efficient manner.
One key point highlighted in the episode is the importance of making early decisions regarding the transfer of wealth to future generations. By engaging in legacy planning sooner rather than later, individuals can implement the necessary tools and strategies to protect their assets and ensure a seamless transition of wealth to their heirs.
The episode also explores the changing landscape of regulations and tax laws that can impact legacy planning. For example, the Secure Act of 2019 introduced new rules for beneficiaries of IRAs, altering distribution timelines and tax implications for inherited accounts. Understanding these evolving regulations underscores the need to stay informed and adjust legacy plans accordingly.
Moreover, Jeff Altman discusses the role of life insurance as a valuable financial tool in legacy planning. Well-structured life insurance policies can facilitate the tax-free transfer of wealth to beneficiaries, potentially increasing the assets passed on to future generations. By strategically leveraging life insurance within a comprehensive legacy plan, individuals can enhance their ability to leave a lasting financial legacy for their loved ones.
Jeff explained: “In legacy planning, the sooner you make a decision as to what you would like to do in terms of passing on your hard-earned wealth to the next generation, and maybe even thereafter, the quicker you make this decision, the better. Then the proper tools can be put in place.”
In essence, legacy planning extends beyond simply transferring wealth to the next generation; it involves thoughtful consideration, strategic decision-making, and proactive measures to protect assets, minimize tax implications, and ensure a smooth transfer of wealth to heirs. Through comprehensive legacy planning, individuals can secure their financial legacy and provide for future generations in a meaningful and sustainable way.
Jeff shared: “I focus on strategic planning to ensure that principal is safe creating peace of mind for my clients”
About Jeff Altman
I have been in the financial services industry for over 50 years. I am a certified financial educator and approved to teach continuing education to CPA’s by the state of Nevada. I reside in Nevada with my wife of 30 years. I have two children and two grandchildren. I am a combat veteran of the Vietnam War and devote time to helping other vets in need. I derive great satisfaction from allowing clients to benefit from my experience
Learn More: http://altmanadvisorygroup.com/
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