How to Make an Estate Plan to Control Your Asset Transfer
Antiquated terms like “estate planning” can make your financial life unnecessarily confusing. An “estate” sounds like something grand — a spread of land surrounded by a fence in the country or a high-rise apartment building in the city. In reality, we all have estates. They’re comprised of everything we own minus what we owe in […]
Does Life Insurance Affect Medicaid Eligibility?
You have many things to consider when applying for Medicaid. Eligibility requirements differ from state to state. Each state has stipulations about life insurance and whether owning a policy will affect your Medicaid eligibility. Whether you have a life insurance policy already or are considering purchasing one, this valuable financial protection doesn’t have to get […]
Second To Die Life Insurance
Life insurance comes with many different options, and you may have heard about second to die life insurance. We’ll cover how this type of life insurance works and its primary uses in this article. What Is Second to Die Life Insurance? Also known as Survivorship Life Insurance or in some cases, Dual-Life Insurance, Second to […]
Leaving Life Insurance To Charities
You buy life insurance to protect the people you care about, but what about the causes you care about? This is where added a charity beneficiary comes in to play. Adding a beneficiary to a life insurance policy isn’t ideal for everyone, especially those who are constantly strapped for cash and need to keep their […]
Is Life Insurance Taxable?
In addition to just paying out a benefit upon one’s death, life insurance can be used as part of an overall strategy for retirement, estate, and financial planning. These types of policies can help to protect assets, and if structured properly, can also be set up such that the owner or beneficiaries are not burdened […]
The Pros and Cons of an Irrevocable Life Insurance Trust
You have life insurance, but that might not be enough. What happens when you need to protect yourself from the tax man? Creditors? Prying eyes? You need something a tab bit more secure. What about an irrevocable life insurance trust? Irrevocable Life Insurance Trusts: Advantages and Disadvantages Life insurance trusts have many features and benefits, […]