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
Being proactive about seeking out estate planning advice is certainly a good idea. It is important to recognize the fact that you are gambling with the well-being of your loved ones when you are going through life without an estate plan, and this is really not acceptable. While it is wise to take action, in fact advance planning opportunities are usually going to come to you. Most people are first introduced to a basic plan for the future when they get their first "real job." A high … [Read more...] about Workplace Introduction To Advance Planning
Life insurance plays a significant role in estate planning, and we frequently examine the ways that it is used by those who are looking ahead toward the future. In this post we will take a look at some of the questions that people who are the beneficiaries of life insurance policies often pose. I am aware of the fact that I will be receiving a significant influx of money when my mother dies because she has made me the beneficiary of a large insurance policy. Does this mean that I will have to … [Read more...] about Providing Clarity to Life Insurance Beneficiaries
In a very general sense it is readily apparent that you can purchase life insurance to be sure that your family will have something to fall back on after you pass away. However, there are some particular circumstances that arise for some people that present estate planning challenges. Life insurance is sometimes a simple but effective solution. Small Business Succession Planning Life insurance can be at the root of a small business succession plan for business partners. Let's say that you … [Read more...] about Life Insurance: Simple but Effective Solution
Your first taste of estate planning may be presented to you without you actually seeking it out. Many employers offer life insurance as a paid benefit. A base amount of coverage is afforded to you at no cost. If you want to increase the coverage you can pay for the additional coverage out-of-pocket. This opportunity can get you thinking about the situation that you would be leaving behind if you were to pass away. Over the years estate planning may see more and more relevant as you get … [Read more...] about Some Insurance Policy Proceeds Are Never Claimed
In 2012, the Federal estate tax looms large with its 35% rate that can reduce the value of your legacy considerably. And if that was not enough, the maximum rate of this levy is rising to 55% next year as the exclusion goes down to just $1 million (it is $5.12 million this year). When you are tallying up the value of your estate in an effort to see whether or not it is in taxable territory you have to understand the fact that the proceeds from life insurance policies that you own are part of … [Read more...] about Will Insurance Proceeds Be Taxable?
A surprisingly high number of people are going through life without an estate plan, and of course the younger you are the more likely it is that you will be without a will or any other estate planning documents. However, it is important to remember that you plan your estate for the benefit of the people that you love. So when you procrastinate or simply shirk your responsibility to create a plan it is your family members who are being placed into harm's way. One of the simple things that … [Read more...] about Life Insurance & Your Estate Plan