As you plan your estate, you want to know your beneficiaries won’t be saddled with a big tax bill along with their inheritance. Purchasing life insurance can help you avoid those penalties that come with money passed down through other means. You can purchase whole life insurance, which will stay in force for your entire life as long as you remain current on the payments, or you can buy term life insurance, which covers only a particular term of your life with fixed payments. Most tax benefits come with whole policies, though the last one listed below applies to term life insurance as well. Here are three ways life insurance can decrease tax liabilities. 1. Whole Life Builds Continual Value
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