Death Taxes, also known as estate taxes are coming back. The U.S. Government needs money and they figured out the Amercan public doesn't care about their money as much once they are dead. How do you like that? You pay taxes on everything while you are living but once you die Uncle Sam can take up to 55% of your total assets.
Fortunately there is a way to avoid paying estate taxes and instead providing a lasting inheritance to your heirs.
Some recent figures we ran for an individual came out like this. He could, upon he and his wifes death give 2.5 Million to the U.S. government out of his estate or fund a permanent life insurance contract at $27,000 per year. Even if he lives another 20 years the difference in total assets transfered to his heris will be about 2 million dollars. What would you rather do? Lose $500,000 or $2,500,000.