Although it may be difficult to think about your own death, one of the most important aspects of a comprehensive estate plan for many people is funeral and burial planning. If you are one of those people, you may decide to incorporate an Irrevocable Life Insurance Trust into the funeral and burial component within your estate plan. For those who are new to estate planning, let's examine what an Irrevocable Life Insurance Trust (ILIT) is and when you might need to include one in your estate … [Read more...] about How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
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?
Whether or not to include life insurance in an estate plan is one of the most commonly asked questions. As with all estate planning questions, the answer is unique to each individual; however, there are some things you should take into account when considering the addition of life insurance in your estate plan. Your age and health. Life insurance is less expensive to purchase when you are younger and healthy, meaning you should be able to lock in the best rates. This is also when most people … [Read more...] about Should I Include Life Insurance In My Estate Plan?
When considering creating or updating your estate plan in 2020, 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)
Your estate plan must be in writing to be legally valid; conversations with your spouse or other family members are not enough. Without written directions and authorization, family discord and upset may result and your wishes may not be followed. Don’t Want to be Hooked to Life Support Machines, Put it in Writing in an Advance Health Care Directive For example, Terri Schiavo, the Florida woman kept on life support for 15 years, had reportedly told her husband that she didn’t want to be … [Read more...] about Your Estate Plan: Get It Into a Writing or Else
Life insurance is often an integral part of both financial planning and estate planning. This is particularly true when you are young and just getting started in life. At that time, life insurance can provide the financial security you have yet to establish through working, saving, and investing. Later on in life, however, life insurance may still play an important role in your estate plan as a way to fund a trust. Let's see how life insurance can be paid into a trust. How Does Life Insurance … [Read more...] about Can Life Insurance Be Paid to a Trust?
Periodically, sit down and reevaluate your need for life insurance. It’s often an essential part of an estate plan. Life insurance can be used to: Replace income Fund a business buy – sell agreement Create an estate Pay federal estate taxes Equalize an estate Provide an inheritance for a child not in the family business General life insurance tips: Only pay premiums that won’t take food off your table. If you are insurance poor, you’ll end up dropping it. Term … [Read more...] about Do You Need Life Insurance?
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...] about If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
When creating your estate plan, you will not only have to decide how your assets will be distributed, you will also need to make sure that your loved ones are always protected by having enough assets including, perhaps, life insurance. We’ve outlined information below to help you better understand the importance of life insurance. If you have any questions, or if you’d like to make sure that you have enough life insurance coverage, contact a qualified and experienced estate planning … [Read more...] about A Role for Life Insurance in an Estate Plan
It’s wise and prudent to examine the need for life insurance, even if your daughter is only 24. If a tragedy such as death would strike, there are likely final arrangement expenses which average about $7,000, last bills, credit card bills, lease obligations, car payments, and utilities to be paid. In addition, if your daughter has a child or children, mortgage, or spouse, the need for life insurance is greatly increased. In general, life insurance is used to create an estate, pay last … [Read more...] about My Daughter’s 24; Does She Need Life Insurance?