IS FOR THE EVERY ONE.
Tax-free wealth is a type of long-term investment which is a plan covered under Section 7702 of the Internal Revenue Code that is designed to provide tax-free income for retirement.
We are able to provide for tax-free wealth/retirement through a life insurance policy. These types of contracts can be used to generate tax-free income for retirement.
A tax-free retirement account or Section 7702 plan is funded through a permanent cash value life insurance policy.
Setting up a policy for the utilization of tax-free money is great
for people who would like to set up additional income in
retirement and children. Something that is great is that you
have access to the funds before the age of 59.5. You will have
more control versus zero control in other routes of planning.
In most cases you will have your critical illness, terminal
illness, death benefit and long term care in one policy verses
several individual policies.
What does Section 7702 mean?
Section 7702 defines life insurance contracts for taxation purposes. It distinguishes life insurance from investments products that are marketed as being similar to insurance.
Life insurance contracts offer tax-free death benefits to beneficiaries and cash value policies offer tax-free growth.
Bottom line a life insurance policy is technically not classified as a retirement plan, but offers great benefits for retirement with guarantees and long term tax-free growth.
Agents at LKT Dynasty Group, are not CPA's or Tax Attorney's.
You do have the ability to grow your money tax-free. Let us teach you how!!