Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
Chances are good that you own one or more life insurance policies. Whether you purchased a policy as part of a group offering through your employer or you went out and bought one on your own, you likely understand the basic function of a life insurance policy—to provide financial security to a family or to loved ones in the event of your death. While this is the basic function of a life insurance policy, it can do much more. Consider the following information that you may not know about life … [Read more...] about What You May Not Know about Life Insurance and Estate Taxes
Americans love insurance. We tend to buy insurance for just about everything from our vehicles, to our homes to our lives. This is not necessarily a bad thing. It often times makes sense to include a life insurance policy in your estate plan. When it comes time to purchase a life insurance policy though, how does an individual know how much insurance is really necessary? How much life insurance you really need depends on why you want the life insurance. Is it just intended to pay off debts or … [Read more...] about How Much Life Insurance Do I Really Need?
Whether or not to include insurance policies in your estate plan depends, in large part, on your financial situation and what your concerns and goals are for your estate plan. Some people choose to include numerous insurance plans because they simply cannot afford not to include them. Others have significant savings and assets and decide that investing in various insurance plans is not cost effective. Only you and your estate planning attorney can evaluate your situation to decide what is best … [Read more...] about What Insurance Policies Might I Need to Include in My Estate Plan?
In the United States, we are conditioned to believe that we must have an insurance policy for absolutely everything possible from our homes and vehicles to our health and life. We are told that the consequences of not having insurance are severe. In some cases, this may be true. In the case of life insurance, whether or not you truly need a policy depends on a number of personalized factors; however, consider the following when contemplating life insurance: The purpose of a life insurance … [Read more...] about Things to Think about When Considering Purchasing A Life Insurance Policy
Purchasing life insurance is often a critical part of estate planning. Although many other factors that impact your estate can change, life insurance is often purchased predominantly because the policy holder believes its value is fixed. By knowing ahead of time how much your life insurance policy is worth, and what it will cost you in premiums, you can adjust the remainder of your estate accordingly. While it is true that many forms of life insurance do provide fixed values, universal life … [Read more...] about Universal Life Insurance Explained
As the field of elder law broadens in scope there are a number of retirement and estate planning components that many people are learning about for the first time. Things like advance health care directives, durable powers of attorney, pay on death accounts, living trusts and other relevant legal instruments do indeed aid in effective estate planning. But some things that we are all well aware of never go out of style, and life insurance is one of them. When you pass on there are going to be … [Read more...] about Life Insurance Is Key Element Of Estate Plans