An advance-designed IUL can be used to establish your financial legacy. Instead of leaving a legacy when you die, you can start to create financial resources for your family members while you're alive.
Longevity is the best friend of the IUL. The longer the life, the longer the opportunity to build wealth in the IUL. That makes the youth of your children and grandchildren an opportunity for you to create a larger financial legacy for their benefit.
Living Gifts
The IRS allows a tax-free gift of up to $18,000 per individual per year (2023). A couple can gift $36,000 per year per grandchild.
Via a Will
The cost basis of some asset classes "step up" at the death of the owner. Transferring them after death via a will or proper titling can mean a tax-free transfer of assets which may be used to fund an IUL strategy.
Using a Trust
An attorney can advise how to properly set up a trust so assets can be transferred to children and grandchildren using an IUL strategy as a wealth building engine.
The long-term wealth building potential of the IUL combined with its tax-free benefits and versatility make it a strategy that families can use to provide a lifetime of financial resources to members of their family tree.