What is your life telling your children about money? Never underestimate the strength, good or bad, of your example, of your courage to demonstrate what life can be when you make wise financial decisions and live within your means. Just as an inheritance is a financial legacy, so , too, is your example. No matter where they go or what they do in life, your children and grandchildren will carry this legacy forward.
I remember how purposeful my sisters and I were those first few years in honoring my mother at Christmas after she passed. She loved her grandchildren, and she loved to give them gifts.
For some, life is like a spontaneous vacation — never planning, always moving from one place, job or relationship to the next. They live in the moment and never seem to worry about the consequences.
What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?
It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.
As a parent or grandparent, you can leave a legacy by using the magic of compound interest.
