A complete estate plan involves a variety of tools and options, and no two plans are identical. For many people, insurance is an extremely important part of their plans. There are several different types of insurance you may want to incorporate into your own estate plan, but there are several that are commonly used by many people. Life Insurance There are two basic types of life insurance: term and whole. Term life insurance is something you buy every year. Its costs tend to get higher the … [Read more...] about Insurance and Estate Planning
Life Insurance
Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
Believe it or not, your former spouse may still receive your life insurance benefits, instead of your current spouse, when you die. Although the idea that someone you divorced years ago might receive your life insurance benefits, instead of the person to whom you are currently married, seems rather nonsensical, the law does not always adhere to common sense. Why does this occur? When a couple gets divorced there are a great many thoughts and turbulent emotions swirling around in one’s head, as … [Read more...] about Why Your Former Spouse May Still Receive Your Life Insurance or Retirement Benefits
How Life Insurance Fits into Estate Planning
Life insurance is not just a tool to provide financial protection for your loved ones in the event of your passing. When used strategically, it can play a pivotal role in estate planning, offering solutions to various challenges and bolstering the overall effectiveness of your plan. Life insurance is a multifaceted tool in estate planning, offering solutions beyond mere financial protection. If you wish to understand more about integrating life insurance into your estate plan, or if you … [Read more...] about How Life Insurance Fits into Estate Planning
Understanding the Role of Life Insurance in Estate Planning
Life insurance, while commonly associated with providing financial security for loved ones in the event of untimely death, also plays a crucial role in estate planning. It can help preserve your wealth, ensure smooth wealth transfer, and address potential tax liabilities. Firstly, life insurance provides liquidity when it's most needed. In the event of your death, your estate might comprise largely illiquid assets like real estate or business interests. Life insurance can offer immediate cash … [Read more...] about Understanding the Role of Life Insurance in Estate Planning
Probate Basics: Some Considerations
Question 1: What is Probate? Probate is legal process through which a deceased person’s property must proceed before a new legal owner can be identified. Probate is designed to evaluate what a deceased person owned, as well as what kind of debts the person had. The property the person owned is used to pay off the debts, and anything left over is distributed to his or her inheritors. Question 2: Does all a Person’s Property go Through Probate? No. Some property is specifically exempt … [Read more...] about Probate Basics: Some Considerations
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2023, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...] about New Year Resolution: Review Your Estate Plan (part 2 of 2)
Life Insurance & Your Estate Plan
We talk a lot about being proactive and seeking out a consultation with an estate planning attorney so that your family is protected. While it is true that estate planning is clearly going to be more immediately relevant to you as you get older, it is actually important for people of all ages. You never know what the future holds and nobody has a crystal ball. It is best to expect the best while being prepared for any and all eventualities. The time and effort that it takes to put an … [Read more...] about Life Insurance & Your Estate Plan
Do All Estates Have to Go Through Probate?
If you have recently suffered the loss of a family member or loved one, you may be concerned about the legal steps required to probate the decedent’s estate. Probate is the legal process in court by which a decedent’s estate assets are inventoried and valued, debts of the decedent are paid and assets eventually transferred to the beneficiaries or heirs of the estate. Whether or not an estate must go through probate depends on a number of factors. Wills, Trusts, and Estate matters are governed … [Read more...] about Do All Estates Have to Go Through Probate?
What Type of Life Insurance Is Best for Me?
Life insurance can be an integral component of a comprehensive estate plan. The role a life insurance policy plays in your estate plan will determine, to a large extent, which type of insurance you should purchase. Understanding the different types of life insurance policies available is important. Let's look to see which type of life insurance is right for you and your estate plan. Types of Life Insurance While there are some hybrids and variations of the basic types of life … [Read more...] about What Type of Life Insurance Is Best for Me?
Does Life Insurance’s have a Role in an Estate Planning?
Life insurance can be a powerful estate planning tool. There are several roles it can play in easing the burden of your passing on your loved ones. While many consider life insurance to simply be an income replacement when a loved one passes, which, of course it is, there are other ways it fits into an estate plan: 1. To pay expenses while an estate is in probate or a trust is being administered. Since life insurance pays benefits to a named beneficiary, it avoids probate, and … [Read more...] about Does Life Insurance’s have a Role in an Estate Planning?
