Sometimes parents of young children are very motivated to do their estate planning because they want to protect their children and make sure that they’re always provided for. And, sometimes, parents of young children are overwhelmed by life and have trouble getting around to doing their estate planning. No matter your life situation, there are 4 important estate planning actions parents of young children need to take. Name guardians in your wills Meet with a qualified estate planning … [Read more...]
Update Beneficiary Designations NOW!
Sometimes beneficiary designations get overlooked during the estate planning process or as life unfolds somewhat chaotically. Just like the rest of estate planning, beneficiary designations are not a “once and done.” It is imperative that you ensure your beneficiary designations are in line with your current intent and estate planning documents. Be sure to review and update beneficiary designations, as needed, every three to five years or upon the occurrence of a significant life event. … [Read more...]
Protecting Life Insurance from Federal Estate Tax
No one wants to lose half of the value of their life insurance to the federal estate tax. But that is exactly what can happen if you don’t plan carefully. You’re in luck because the federal estate tax is often a voluntary tax. You volunteer to pay by not planning. We suggest that you plan and avoid the federal estate tax. Unified Credit – Each individual can pass a certain amount during his lifetime or at death without paying federal estate tax. This amount is called the unified … [Read more...]
Life Insurance Considerations: Why Term Insurance?
Families and businesses use life insurance for a multitude of reasons. It is often an essential part of an estate plan. When investing in life insurance, you always have to make the permanent life insurance versus term life insurance decision. There are many cases in which term insurance is appropriate. Why? Read on. Why Life Insurance? Life insurance is used for several purposes: Create an estate Replace income Equalize an estate Pay taxes Fund a buy/sell agreement What’s the … [Read more...]
