Estate planning - When it comes to financial planning, many high-net-worth individuals focus on investing and building their portfolios. However, there are other important considerations to take into account – including tax advantages. One of the best ways to save on taxes is through an IUL, or individual universal life insurance policy. Here’s why an IUL can be a powerful tool for your financial success. An IUL is an incredible life insurance product that provides financial security for the current and future generations of wealthy individuals. An IUL not only provides life insurance to beneficiaries upon the death of their policyholder, but it also offers distinct tax advantages that other life insurance policies do not provide. The built-in cash value of an IUL is guaranteed to grow on a tax-sheltered basis, meaning the policyholder is able to shield their cash value from tax liability until they decide to access it. This is advantageous as it keeps these funds available in the event of retirement or college funding, while simultaneously providing tax efficiency now and in the future. By taking advantage of these tax benefits, wealthy individuals and families can maximize their savings and grow them with confidence all while sheltering their earned money from taxes.