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Many estates, composed primarily of assets such as closely held business interests, real estate or collectibles, are cash poor. If your heirs need cash, these assets can be hard to sell. For that matter, you may not want these assets sold.
Insurance can provide the necessary liquidity for your assets. Therefore, even when the value of an estate is substantial, insurance is often purchased simply to avoid the unnecessary sale of assets to pay taxes and other expenses. The biggest purchasers of life insurance are wealthy people. What good is a substantial estate if it is badly eroded by taxes?
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