Viking Magazine - March 2016 - 11
of gr 73%
the intent of gifting
their grandchildren
annually, the
andchildren
say their
grandparents
influence
their savings
habits.
proceeds end when
the grandparent dies.
With a life insurance policy on the
grandparent, the gift actually magnifies
upon death, adds Carlson.
A life insurance policy, in addition to
providing a death benefit, provides cash
value that can be borrowed against.
For example, a grandparent may want
to help fund a grandchild's education.
When money is needed a loan against
the cash value can be made. However,
if the grandparent has died, the death
benefit will be available to fund their
education. Either way a legacy is being
provided for the grandchild.
If your health keeps you from
qualifying for a life insurance policy, an
annuity is another option with some of
the same tax perks. The money grows
tax deferred and can be earmarked
for education for grandchildren.
Willoughby advises older clients who
aren't in a position
to ride out losses
in the stock market
to consider fixed
annuities as a more
conservative investment that guarantees
the safety of your principal payment.
Annuities can also be passed on to a
beneficiary, but unlike a life insurance
policy, there is a taxable event on the
growth of the annuity.
As grandparents make these
decisions, Willoughby suggests they talk
about their plans and financial values
with their children and grandchildren.
Modeling good planning, saving, and
long-term investing can have a powerful
influence on the next generation. Not
all schools offer personal finance classes
anymore, notes Willoughby, so it falls
on families to pass on important
money lessons.
Sons of Norway offers life insurance and annuity
products in the United States only. Not all products
are available in all States.
1.
Find teachable moments in daily
activities. Heading to the store?
Take a moment to show kids how to
comparison-shop.
2.
Be an example. Share stories about
what it was like growing up and how
you saved for the things you wanted at
their age, or what you would have done
differently.
3.
4.
Make it fun! Find saving and
spending games for kids and teens
at themint.org.
Make a plan. Does your grandchild
want a new tablet? Help them make a
plan for how they can earn and save
the money.
For a complimentary consultation with
your Sons of Norway Financial Benefits
Counselor, visit sonsofnorway.com.
Tips for money mentoring
5.
6.
Financial Tips
« While grandparents may have
set aside money for their kids or
grandkids to use for their education
or as an inheritance, they often
don't realize the tax ramifications
of having money just sitting in a
bank account. When that money
designated as a legacy gift is put
into a life insurance policy, all of it
goes to the chosen family member
income tax free.
Start a savings account. Help kids
open an account and track the money
that goes and in out.
Utilize technology. Check out
interactive tools together for
budgeting and saving, such as
pearbudget.com.
« Anything you have as a liquid
asset - cash or a certificate of
deposit - that you plan to pass on
through your estate is subject to
Federal Estate Taxes. Also, money
in a bank account is likely earning
less than 1 percent in interest, while
the cash value of our universal life
insurance policies have interest rates
of 4.70 percent.
« If seniors have money that isn't
expected to be needed for their own
care, they can buy a single premium
life insurance policy. The beneficiary
will always receive more than the
premium payment. Also, the benefit
will be income tax free and avoid
probate. In addition, with a chronic
illness rider, the policyholder can
maintain the flexibility of tapping
into the cash value funds if there was
a need to cover nursing home or
long-term care expenses.
-John Willoughby, FBC
Helena, Mont.
sonsofnorway.com VIKING MARCH 2016 11
http://www.pearbudget.com
http://www.themint.org
http://www.sonsofnorway.com
http://www.sonsofnorway.com
Viking Magazine - March 2016
Table of Contents for the Digital Edition of Viking Magazine - March 2016
Contents
Viking Magazine - March 2016 - Cover1
Viking Magazine - March 2016 - Cover2
Viking Magazine - March 2016 - Contents
Viking Magazine - March 2016 - 4
Viking Magazine - March 2016 - 5
Viking Magazine - March 2016 - 6
Viking Magazine - March 2016 - 7
Viking Magazine - March 2016 - 8
Viking Magazine - March 2016 - 9
Viking Magazine - March 2016 - 10
Viking Magazine - March 2016 - 11
Viking Magazine - March 2016 - 12
Viking Magazine - March 2016 - 13
Viking Magazine - March 2016 - 14
Viking Magazine - March 2016 - 15
Viking Magazine - March 2016 - 16
Viking Magazine - March 2016 - 17
Viking Magazine - March 2016 - 18
Viking Magazine - March 2016 - 19
Viking Magazine - March 2016 - 20
Viking Magazine - March 2016 - 21
Viking Magazine - March 2016 - 22
Viking Magazine - March 2016 - 23
Viking Magazine - March 2016 - 24
Viking Magazine - March 2016 - 25
Viking Magazine - March 2016 - 26
Viking Magazine - March 2016 - 27
Viking Magazine - March 2016 - 28
Viking Magazine - March 2016 - 29
Viking Magazine - March 2016 - 30
Viking Magazine - March 2016 - 31
Viking Magazine - March 2016 - 32
Viking Magazine - March 2016 - 33
Viking Magazine - March 2016 - 34
Viking Magazine - March 2016 - 35
Viking Magazine - March 2016 - 36
Viking Magazine - March 2016 - 37
Viking Magazine - March 2016 - 38
Viking Magazine - March 2016 - Cover3
Viking Magazine - March 2016 - Cover4
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-jul-aug-2024
https://www.nxtbook.com/greenspringmedia/viking/may-jun-2024
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-mar-apr-2024
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-jan-feb-2024
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-nov-dec-2023
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-sep-oct-2023
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-jul-aug-2023
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-may-jun-2023
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-mar-apr-2023
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-november-2011
https://www.nxtbook.com/greenspringmedia/viking/viking-magazine-jan-feb-2023
https://www.nxtbook.com/mspc/viking/202212
https://www.nxtbook.com/mspc/viking/202211
https://www.nxtbook.com/mspc/viking/202210
https://www.nxtbook.com/mspc/viking/202209
https://www.nxtbook.com/mspc/viking/202208
https://www.nxtbook.com/mspc/viking/202207
https://www.nxtbook.com/mspc/viking/202206
https://www.nxtbook.com/mspc/viking/202205
https://www.nxtbook.com/mspc/viking/202204
https://www.nxtbook.com/mspc/viking/202203
https://www.nxtbook.com/mspc/viking/202202
https://www.nxtbook.com/mspc/viking/202201
https://www.nxtbook.com/mspc/viking/202112
https://www.nxtbook.com/mspc/viking/202111
https://www.nxtbook.com/mspc/viking/202110
https://www.nxtbook.com/mspc/viking/202109
https://www.nxtbook.com/mspc/viking/202108
https://www.nxtbook.com/mspc/viking/202107
https://www.nxtbook.com/mspc/viking/202106
https://www.nxtbook.com/mspc/viking/202105
https://www.nxtbook.com/mspc/viking/202104
https://www.nxtbook.com/mspc/viking/202103
https://www.nxtbook.com/mspc/viking/202102
https://www.nxtbook.com/mspc/viking/202101
https://www.nxtbook.com/mspc/viking/202012
https://www.nxtbook.com/mspc/viking/202011
https://www.nxtbook.com/mspc/viking/202010
https://www.nxtbook.com/mspc/viking/202009
https://www.nxtbook.com/mspc/viking/202008
https://www.nxtbook.com/mspc/viking/202007
https://www.nxtbook.com/mspc/viking/202006
https://www.nxtbook.com/mspc/viking/202005
https://www.nxtbook.com/mspc/viking/202004
https://www.nxtbook.com/mspc/viking/202003
https://www.nxtbook.com/mspc/viking/202002
https://www.nxtbook.com/mspc/viking/202001
https://www.nxtbook.com/mspc/viking/201912
https://www.nxtbook.com/mspc/viking/201911
https://www.nxtbook.com/mspc/viking/201910
https://www.nxtbook.com/mspc/viking/201909
https://www.nxtbook.com/mspc/viking/201908
https://www.nxtbook.com/mspc/viking/201907
https://www.nxtbook.com/mspc/viking/201906
https://www.nxtbook.com/mspc/viking/201905
https://www.nxtbook.com/mspc/viking/201904
https://www.nxtbook.com/mspc/viking/201903
https://www.nxtbook.com/mspc/viking/201902
https://www.nxtbook.com/mspc/viking/201901
https://www.nxtbook.com/mspc/viking/201812
https://www.nxtbook.com/mspc/viking/201811
https://www.nxtbook.com/mspc/viking/201810
https://www.nxtbook.com/mspc/viking/201809
https://www.nxtbook.com/mspc/viking/201808
https://www.nxtbook.com/mspc/viking/201807
https://www.nxtbook.com/mspc/viking/201806
https://www.nxtbook.com/mspc/viking/201805
https://www.nxtbook.com/mspc/viking/201804
https://www.nxtbook.com/mspc/viking/201803
https://www.nxtbook.com/mspc/viking/201802
https://www.nxtbook.com/mspc/viking/201801
https://www.nxtbook.com/mspc/viking/201712
https://www.nxtbook.com/mspc/viking/201711
https://www.nxtbook.com/mspc/viking/201710
https://www.nxtbook.com/mspc/viking/201709
https://www.nxtbook.com/mspc/viking/201708
https://www.nxtbook.com/mspc/viking/201707
https://www.nxtbook.com/mspc/viking/201706
https://www.nxtbook.com/mspc/viking/201705
https://www.nxtbook.com/mspc/viking/201704
https://www.nxtbook.com/mspc/viking/201703
https://www.nxtbook.com/mspc/viking/201702
https://www.nxtbook.com/mspc/viking/201701
https://www.nxtbook.com/mspc/viking/201612
https://www.nxtbook.com/mspc/viking/201611
https://www.nxtbook.com/mspc/viking/201610
https://www.nxtbook.com/mspc/viking/201609
https://www.nxtbook.com/mspc/viking/201608
https://www.nxtbook.com/mspc/viking/201607
https://www.nxtbook.com/mspc/viking/201606
https://www.nxtbook.com/mspc/viking/201605
https://www.nxtbook.com/mspc/viking/201604
https://www.nxtbook.com/mspc/viking/201603
https://www.nxtbook.com/mspc/viking/201602
https://www.nxtbook.com/mspc/viking/201601
https://www.nxtbook.com/mspc/viking/201512
https://www.nxtbook.com/mspc/viking/201511
https://www.nxtbook.com/mspc/viking/201510
https://www.nxtbook.com/mspc/viking/201509
https://www.nxtbook.com/mspc/viking/201508
https://www.nxtbook.com/mspc/viking/201507
https://www.nxtbook.com/mspc/viking/201506
https://www.nxtbook.com/mspc/viking/201505
https://www.nxtbook.com/mspc/viking/201504
https://www.nxtbook.com/mspc/viking/201503
https://www.nxtbook.com/mspc/viking/201502
https://www.nxtbook.com/mspc/viking/201501
https://www.nxtbook.com/mspc/viking/201412
https://www.nxtbook.com/mspc/viking/201411
https://www.nxtbook.com/mspc/viking/201410
https://www.nxtbook.com/mspc/viking/201409
https://www.nxtbook.com/mspc/viking/201408
https://www.nxtbook.com/mspc/viking/201407
https://www.nxtbook.com/mspc/viking/201406
https://www.nxtbook.com/mspc/viking/201405
https://www.nxtbook.com/mspc/viking/201404
https://www.nxtbook.com/mspc/viking/201403
https://www.nxtbook.com/mspc/viking/201402
https://www.nxtbook.com/mspc/viking/201401
https://www.nxtbook.com/mspc/viking/201312
https://www.nxtbook.com/mspc/viking/201311
https://www.nxtbook.com/mspc/viking/201310
https://www.nxtbook.com/mspc/viking/201309
https://www.nxtbook.com/mspc/viking/201308
https://www.nxtbook.com/mspc/viking/201307
https://www.nxtbook.com/mspc/viking/201306
https://www.nxtbook.com/mspc/viking/201305
https://www.nxtbook.com/mspc/viking/201304
https://www.nxtbook.com/mspc/viking/201303
https://www.nxtbook.com/mspc/viking/201302
https://www.nxtbook.com/mspc/viking/201301
https://www.nxtbook.com/mspc/viking/201212
https://www.nxtbook.com/mspc/viking/201211
https://www.nxtbook.com/mspc/viking/201210
https://www.nxtbook.com/mspc/viking/201209
https://www.nxtbook.com/mspc/viking/201208
https://www.nxtbook.com/mspc/viking/201207
https://www.nxtbook.com/mspc/viking/201206
https://www.nxtbook.com/mspc/viking/201205
https://www.nxtbook.com/mspc/viking/201204
https://www.nxtbook.com/mspc/viking/201203
https://www.nxtbook.com/mspc/viking/201202
https://www.nxtbook.com/mspc/viking/201201
https://www.nxtbook.com/mspc/viking/201112
https://www.nxtbook.com/mspc/viking/201110
https://www.nxtbook.com/mspc/viking/201109
https://www.nxtbook.com/mspc/viking/201108
https://www.nxtbook.com/mspc/viking/201107
https://www.nxtbook.com/mspc/viking/201106
https://www.nxtbook.com/mspc/viking/201105
https://www.nxtbook.com/mspc/viking/201104
https://www.nxtbook.com/mspc/viking/201103
https://www.nxtbook.com/mspc/viking/201102
https://www.nxtbook.com/mspc/viking/201101
https://www.nxtbook.com/mspc/viking/201012
https://www.nxtbook.com/mspc/viking/201011
https://www.nxtbook.com/mspc/viking/201010
https://www.nxtbook.com/mspc/viking/201009
https://www.nxtbook.com/mspc/viking/201008
https://www.nxtbook.com/mspc/viking/201007
https://www.nxtbook.com/mspc/viking/201006
https://www.nxtbook.com/mspc/viking/201005
https://www.nxtbook.com/mspc/viking/201004
https://www.nxtbook.com/mspc/viking/201003
https://www.nxtbook.com/mspc/viking/201002
https://www.nxtbook.com/mspc/viking/201001
https://www.nxtbook.com/mspc/viking/200912
https://www.nxtbook.com/mspc/viking/200911
https://www.nxtbookmedia.com