Leaving a legacy is about more than money. It’s about protecting your family, easing future burdens, and making sure the results of your hard work live on. Two important tools that can help are life insurance and long-term care insurance (LTC).
Life Insurance: Security for Loved Ones
Life insurance provides a tax-free benefit to your beneficiaries when you pass away. This money can be used to cover final expenses, pay off debts, or provide financial security for your loved ones. It can also help balance inheritances among children or allow you to leave a meaningful gift to a charity.
Long-Term Care Insurance: Protecting What You’ve Built
One of the biggest threats to passing on wealth is the rising cost of long-term care. Nursing homes, assisted living, and home care can quickly drain savings. Long-term care insurance helps protect your assets by covering these costs, so more of your estate is preserved for your family. It also eases the financial and emotional burden on loved ones who might otherwise have to step in as caregivers.
Hybrid Policies: The Best of Both Worlds
Many people choose hybrid policies that combine life insurance with long-term care coverage. These flexible solutions allow you to use benefits if you need care during your lifetime—or pass the full death benefit to your heirs if you don’t. In some cases, you can even recover your premiums if your plans change.
The Bottom Line
By including life insurance and long-term care coverage in your legacy planning, you can protect your wealth, support your family, and ensure your legacy endures—no matter what the future brings.
This commentary reflects the personal opinions, viewpoints and analyses of the Legacy Trust & Capital Partners employees providing such comments and should not be regarded as a description of advisory services provided by Legacy Trust & Capital Partners or performance returns of any Legacy Trust & Capital Partners client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Legacy Trust & Capital Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
