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Will my beneficiaries have to pay taxes on the proceeds of my life insurance policy?

Submitted by Wealth Strategies Financial Group on September 9th, 2019
Question:

Will my beneficiaries have to pay taxes on the proceeds of my life insurance policy?

Answer:

If you mean the death benefits of the insurance policy, then these funds are generally free from income tax to your named beneficiary or beneficiaries.

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Planning Ahead for Life Insurance Proceeds

Submitted by Wealth Strategies Financial Group on September 9th, 2019

Why did you purchase life insurance? If you're like most people who buy life insurance, you're looking to provide a source of income for someone (e.g., a spouse, parent, or child) after you die. Buying the policy was the first step. Now you'll need to do a little more work to ensure that the money you leave behind lasts.

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Unforgettable Birthdays

Submitted by Wealth Strategies Financial Group on August 21st, 2019

Birthdays may seem less important as you grow older. They may not offer the impact of watershed moments such as getting a driver's license at 16 and voting at 18. But beginning at age 50, there are several key birthdays that can affect your tax situation, health-care eligibility, and retirement benefits.

Tags:
  • birthday
  • health care
  • retirement
  • taxes
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What are catch-up contributions?

Submitted by Wealth Strategies Financial Group on August 19th, 2019

If you are 50 or older, or you will reach age 50 by the end of the year, you may be able to make contributions to your IRA or employer-sponsored retirement plan above the normal contribution limit. Catch-up contributions are designed to help you make up any retirement savings shortfall by bumping up the amount you can save in the years leading up to retirement.

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Sticker Shock: Creative Ways to Lower the Cost of College

Submitted by Wealth Strategies Financial Group on August 15th, 2019

Even with all of your savvy college shopping and research about financial aid, college costs may still be prohibitive. At these prices, you expect you'll need to make substantial financial sacrifices to send your child to college. Or maybe your child won't be able to attend the college of his or her choice at all.

Tags:
  • college
  • education
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Teaching Your College-Age Child about Money

Submitted by Wealth Strategies Financial Group on August 15th, 2019

When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it's time for you to make sure that your child has enough financial knowledge to manage money at college.

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Life Insurance Riders that Pay for Long-Term Care

Submitted by Wealth Strategies Financial Group on August 13th, 2019

 

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How Traditional Whole Life Insurance Works

Submitted by Wealth Strategies Financial Group on August 13th, 2019

How Variable Life Insurance Works

Submitted by Wealth Strategies Financial Group on August 12th, 2019

 

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Does the federal government insure pension benefits?

Submitted by Wealth Strategies Financial Group on August 5th, 2019
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Wealth Strategies Financial Group is independently owned and operated, and offers its own suite of products and services entirely independent of Securian.

Certain individuals associated with Wealth Strategies Financial Group are registered with and offer securities and investment advisory services through Securian Financial Services, Inc. ("Securian"), a registered broker-dealer and investment adviser, member FINRA / SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. FINRA's BrokerCheck contains additional information about registered individuals and also indicates whether they are registered representatives and/or investment advisor representatives. You may also refer to their individual bio pages on this website to find their registration status. Not all registered persons are registered as investment advisor representatives.  Only registered persons who are registered as investment advisor representatives use titles "advisor" or "financial advisor" and provide advisory services. For further questions about which individuals associated with Wealth Strategies Financial Group are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized to offer on Securian's behalf, please contact Securian at 1-800-820-4205.

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