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resources or be paid for them by an outsider. What segregate of outsider will step up and pay the obligations, mortgages, and taxes other than a life insurance organization?
Other than life insurance proceeds what the other conceivable sources for dough at death are there?
Your widow might have the cash reserves in her stockpile and investments. She could take that life savings, do-re-mi you worked hard to set aside after income taxes and pay off the mortgages, bank loans, and other obligations. Then what would she do for her security?
Do you really want her to have to use that property, dinero that cost so much to create? Is this how you want her to remember your line of work acuteness? Especially when you could have bought the balance she'll need for pennies a piece with life insurance? What will she and your mother in law and your kids meditate of you if you leave them like this?
In addition there is a huge cost for using your savings account and investments for paying your parting expenses. First you had to earn the cash reserves and pay income taxes on it. Then you had to set enough of it aside regularly and long time enough for the compound growth of interest or stock appreciation again probably paying income taxes on the earnings.
The exceptional calling you do as a saver and investor, the more and more currency your widow will lose when she has to liquidate your hard earned savings and investments to pay your debts and leaving expenses.
I am not going to go waste any more time rapping to those of you who were successful enough to sock enough bank account away that your widow could pay your parting expenses from the investments you have created. You are much too smart to heave out these hard earned dollars on your terminal expenses.
Or your widow can sell some of your assets to raise the strictly cash she'll wish to pay creditors, taxes, and concernment pledgements.
If you are like most business establishment owners, 75-90% of your personal assets are tied up directly or indirectly in your line of work. Selling assets to pay taxes and debts means selling syndicate assets. Selling holding company assets means that they are in no way longer available as part of the income generating machine.
Selling income producing assets and losing their corresponding ability to lend a hand the industrial grow in order to fill your family's continuing security seems stupid to me. If you are a successful business owner you did not access that setup by making stupid decisions.
Making your widow sell enterprise assets, close out her nest egg, or sell off the investment portfolio to pay debts, taxes, and other known and unknown parting expenses just is not the answer. Not if you want you widow and orphans to remember you as a successful caring father and husband. If you do not care how they remember you let them sell these holdings to keep your commitments and pay off your debts.
There is one other option that is potentially available. Maybe your widow could borrow the liquid assets. Take your wife with you to the bank tomorrow and talk to your banker. Present him your plan. Instead of buying life insurance to pay your loans and mortgages you are going to instruct your widow to come to the bank after your funeral, whether it's succeeding week or decades in the future.
She will want to extend the current line of credit, continue to pay on the current loans, and borrow move do-re-mi in order to pay the rest of the debts you will be leaving behind.
Then sit back and see what the banker has to say. Will they authorize to your proposition, will they sign a be felled to guarantee it? And what is the rate of interest that they will charge her?
Will she be able to make this work? Is this the assertion you want to put her in?
Or why don't you call your life insurance sales agent and express him or her that you feel out an page that made it clear to you that if you want your mother to be proudful of you, your widow not have to look for a new husband, and your kids to remember you fondly, it is time you increased your life insurance to address the actuality to that you have created.
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