LIFE INSURANCE

Your Vacation Checklist

By |2019-09-10T14:24:32+00:00June 12th, 2019|Categories: BUSINESS PLANNING, ESTATE PLANNING, Trusts|Tags: , , , |

You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date? Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more crucial than getting a pet sitter and locking the front door. Creating an Estate Plan If you don’t have an estate plan yet, don’t panic. Now is a great time to connect with a qualified estate planning attorney who can sit down with you and get you started with an appropriate [...]

The More You Know: Reverse Mortgages & Estate Planning

By |2019-09-10T14:24:32+00:00May 21st, 2019|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP, RETIREMENT|Tags: , , |

You have likely seen several advertisements for reverse mortgages if you have spent any time watching television or surfing on the internet. The concept and sell is a simple one: as long as you own and live in your home, you can supplement your retirement income with a loan that you do not need to pay off. The trade-off when it comes to a reverse mortgage is that you are using your home’s equity to receive that extra retirement income. Even if a reverse mortgage is right for your circumstances, entering into a reverse mortgage is something that should be [...]

Do your parents have an estate plan?

By |2019-09-10T14:24:32+00:00May 14th, 2019|Categories: ESTATE PLANNING|Tags: , , , , |

Happy family watching television on sofa at home If you find yourself in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously), you need to know whether or not your parents have put together an estate plan. While it is still your parent’s choice to make estate planning decisions, having a plan -- no matter how late in life it is created -- is an absolute must. The thought of speaking with your parents about their finances and estate planning probably makes you want to run as fast as you [...]

HOW TO LEAVE YOUR LIFE INSURANCE AND RETIREMENT PLAN TO YOUR MINOR CHILDREN

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: ESTATE PLANNING, RETIREMENT|Tags: , , , , , |

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children. Beyond [...]

HOW TO FIX 5 COMMON ESTATE PLANNING PROBLEMS

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: ESTATE PLANNING|Tags: , , , |

Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do not yet have an estate plan, there is no better time than now to sit down and get one in place. In either scenario, below are five common estate planning mistakes and how to fix them so that you are fully protecting your family. You [...]

BENEFICIARY DESIGNATIONS AND A BLENDED FAMILY: WHY YOU NEED TO THINK BEFORE YOU SIGN

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: DIVORCE, ESTATE PLANNING, Trusts|Tags: , , |

Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues when it comes to estate planning. You may need to account for a prior spouse who is still caring for minor or disabled children, and also possibly make sure your current spouse and any children you had together – and any step children – are also taken care of after you pass away. The good news is that estate [...]

3 THINGS YOU MUST DO ONCE YOUR DIVORCE IS FINAL

By |2019-09-10T14:24:34+00:00August 23rd, 2018|Categories: DIVORCE, ESTATE PLANNING|Tags: , , , |

The divorce process can be long and expensive.  However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation On Life Insurance A life insurance policy is a contract between you and the insurance company.  You designate the beneficiary (the individual(s) or entity who will receive the proceeds upon your death) and the insurance company will pay them when you die. Because the beneficiary [...]

3 TIPS FOR EVERY NEW HOMEOWNER

By |2019-09-10T14:24:35+00:00August 23rd, 2018|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP|Tags: , , |

Congratulations on the purchase of your new home.  Whether this is your first home or an upgrade/downsize, the purchasing of a home is a big event in your life.  When these major life changes occur, it is important that you are properly prepared. Below are a few things for you to consider now that you finally have the keys to your new home! Update Your Address Now that you are in your new home, it is very important that you update your address with the appropriate entities.  Your local United States Postal Office will have a form you can fill [...]

HOW TO FIX 5 COMMON ESTATE PLANNING PROBLEMS

By |2019-09-10T14:24:39+00:00June 22nd, 2018|Categories: ESTATE PLANNING|Tags: , , , , |

Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do not yet have an estate plan, there is no better time than now to sit down and get one in place. In either scenario, below are five common estate planning mistakes and how to fix them so that you are fully protecting your family. You Have [...]

3 THINGS YOU MUST DO ONCE YOUR DIVORCE IS FINAL

By |2019-09-10T14:24:42+00:00March 15th, 2018|Categories: ESTATE PLANNING|Tags: , , , , |

The divorce process can be long and expensive.  However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation On Life Insurance A life insurance policy is a contract between you and the insurance company.  You designate the beneficiary (the individual(s) or entity who will receive the proceeds upon your death) and the insurance company will pay them when you die. Because the beneficiary [...]

HOW TO LEAVE YOUR LIFE INSURANCE AND RETIREMENT PLAN TO YOUR MINOR CHILDREN

By |2019-09-10T14:24:42+00:00March 8th, 2018|Categories: ESTATE PLANNING|Tags: , , , , |

Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to take care of their family in the event of death. While it is true that life insurance is a particularly helpful financial tool to protect your loved ones, it is just as important to consider how to leave the proceeds to your minor children. Beyond this, [...]

ESTATE PLANNING FOR MILITARY FAMILIES

By |2019-09-10T14:24:43+00:00May 30th, 2017|Categories: ESTATE PLANNING|Tags: , , , |

Although Memorial Day just passed, it is important to honor those that have served our country. This time is also a good opportunity for members of the military and their loved ones to consider setting up an – or revising an existing – estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Beyond this, members of the military have access to special benefits and resources. This can become complicated and, for this reason, it is important that you seek special help if you [...]

YEAR END ESTATE PLANNING TIP #2 – CHECK YOUR BENEFICIARY DESIGNATIONSYEAR END ESTATE PLANNING TIP #2 – CHECK YOUR BENEFICIARY DESIGNATIONS

By |2019-09-10T14:24:46+00:00October 9th, 2014|Categories: ESTATE PLANNING|Tags: , , , , , , , , |

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season.  One area of planning that many people overlook is their beneficiary designations. Have You Checked Your Beneficiary Designations Lately? Do you own any life insurance policies?  If so, have you named both primary and secondary beneficiaries for your policies? How about retirement accounts – are any of your assets held in an IRA, 401(k), 403(b) or annuity?  Or how about a payable on death (“POD”) or a transfer on death [...]

WILL YOUR REVOCABLE LIVING TRUST AVOID PROBATE? IT DEPENDS.

By |2019-09-10T14:24:47+00:00July 1st, 2014|Categories: ESTATE PLANNING|Tags: , , , , , , , |

If you’ve set up a Revocable Living Trust, congratulations!  You’re definitely on the right track. But…you’re only half way there. Many believe because they took the time to create a Trust, their estate will automatically avoid probate.  Unfortunately, this is a false sense of security. The key to probate avoidance is proper asset ownership, including the full funding of your Revocable Living Trust. What are Probate Assets? What assets require probate? Accounts and real estate titled in your sole, individual name [without a payable on death (POD) or transfer on death (TOD) designation] Accounts and real estate you own as [...]