Survivorship life insurance (also known as “second-to-die”) can be an important vehicle to consider for estate planning in the right cases. This type of insurance policy covers two lives and pays out the proceeds when the second insured dies. One benefit is that the premium tends to be lower than it would be for two […]
Many people put off estate planning because they mistakenly believe that it will be too difficult and time-consuming. Younger people delay getting estate plans for all sorts of reasons. Some think that they are too young for it. Some think that they do not have enough assets to bother with it. Others think that it […]
An estate planning technique that was very popular some years ago is still present in many people’s wills, especially if they haven’t reviewed their estate plan in a while. But this technique – called a “bypass trust” – might now actually increase taxes rather than decrease them for many people, as a result of changes […]
Most of us need to do some type estate planning, but it’s especially important if you are part of a “blended” family. And the best time to start is now – before these plans need to be implemented. Estate planning can be complex, so you will need help from a qualified legal professional. But here […]
When Judy Hanttula came home from the hospital after surgery last November, her doctor’s office called with bad news: Records showed that even though Judy had signed up for Original Medicare, she was nevertheless enrolled in a Medicare Advantage plan. Original Medicare wouldn’t pay for the surgery because she now had an Advantage plan, and […]
If you have a trust and would like to make it the beneficiary of your IRA instead of an individual, you can do so. However, there are some important things to consider before doing so. When people get trusts, one of the first things they are told is that they should put all of their […]
While many entrepreneurs are focused on growing the business, they often neglect to consider what will happen if they are injured in an accident, suffer an illness, or suddenly die. Business owners failing to have an estate plan run the risk of undermining a lifetime of hard work, jeopardizing the livelihood of associates, and endangering […]
The dust is starting to settle from one of the most bitter and contentious presidential elections in memory. If you’re retired, potential Trump administration tax changes provide a good opportunity for you to review your long-term financial plans and uncover areas to implement new strategies. While no tax changes are definite yet, of course, the […]
There are many reasons why you should get an estate plan, but one of them stands out above the others. Estate planning is the best way to make sure that your family does not have problems after you pass away. Too many people think getting an estate plan implemented is an unnecessary and time-consuming bother. […]
Drafting your own will or using a form that you purchased online to create a will, might seem like a good idea that will save you money. However, those wills often fail to do much more than create large legal bills in probate. Wills often sound like simple legal documents. In a sense, they are. […]