If you are one of the millions of parents who own a life insurance policy, you may have your child named individually as a primary or contingent beneficiary if you were to pass away while the policy was still in effect. However, naming a child individually, especially under the age of eighteen, can have unintended […]
For insured’s under the misperception that their life insurance policy is iron clad simply because they pay their annually billed premium, these folks may be in for an abrupt and expensive surprise. Many policies are designed to stay in force only on the basis of critical assumptions being met or exceeded over the life of […]
A few months ago, I wrote about the importance of having life insurance to help provide for your family upon your death. Today I write about life insurance again, but from a different perspective: what if something unexpected happens to your child? I know that no one likes to think about this scenario, but just […]
Can your family survive on $250 each month? The average American has $50,000 of life insurance through work, which equals about $250 per month in income replacement. Are you that average American? Can your family survive on $250 each month? Many income earners think, “Life insurance doesn’t fit into my budget. Life insurance is expensive. […]
I cannot emphasize enough to my clients the importance of beneficiary designations. A beneficiary designation describes how your assets will be distributed upon your death. It is a form you complete with a financial institution (or your Human Resources department) pertaining to certain assets, for example, when you establish a life insurance policy or create […]
No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after […]
Life insurance proceeds are paid out to beneficiaries tax free upon an insured’s death. However, the proceeds are included in calculating the value of the decedent’s estate. While many clients believe their estates are not significant enough to worry about tax planning, one large life insurance policy can cause his or her estate to become […]
Almost all of my non-lawyer friends give me a funny look when I talk about probate. Yes, it is an odd word, but with a short explanation, it makes sense. I find that the basics can be easily explained in one sentence – Probate occurs when someone dies and a court gives someone else (the […]
People join the military for a variety of reasons. For some, enlisting is a family tradition. Others join out of a strong sense of patriotism. And some folks have just watched too many war movies as a kid. Personally, the benefits were one of the many reasons I joined the military. I knew I wanted […]
A recent article published by Forbes, entitled “How to Protect Your Spouse Financially After You Are Gone,” provides a great roadmap for organizing your affairs in order to assist grieving loved ones after your death. See also my past post, entitled “Get Organized,” which provides an outline for creating an “Emergency Binder.” Taking the time […]
It is a fact of life that not every marriage will last until the death of either spouse. Thus, it is important to understand the effects of divorce on inheritance. Commencement of Divorce Proceedings In Minnesota, many believe that simply the commencement of a divorce will revoke any disposition to a soon-to-be-ex-spouse. This is not […]