Klenk Law

Category: Life Insurance

How-Much-Life-Insurance

How Much Life Insurance Should I Have as Part of my Estate Plan?

Posted on Sun Nov 6, 2016, on Life Insurance

Our “Ask a Question” mailbag addresses the question, how much life insurance should I have?

“I recently had a baby, and it is time to buy some life insurance. But, I feel like I am being sold rather than advised. How much life insurance should I have? Lastly, is there a general rule about how much life insurance I should have as part of my estate plan?”

What Type of Life Insurance Policy is Best For My Estate Plan?

Posted on Thu Jun 30, 2016, on Life Insurance

Ask a Question” mailbag: I need life insurance as part of my estate plan to cover the cost of my son’s college tuition and pay off the mortgage. What policy best fits my needs?

First, focus on the reasons for why you are purchasing life insurance. Life insurance is an excellent Estate Planningtool, but only if you are clear as to its purpose.

Life Insurance Premiums Paid by Camden County Beneficiaries

Posted on Tue Jul 28, 2015, on Life Insurance

From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Camden County, New Jersey. She appointed my brother agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?

You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears.

Can I pay my mom’s life insurance premium as a policy beneficiary?

Posted on Thu Jul 9, 2015, on Life Insurance

From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Burlington County, New Jersey. She appointed my brother agent under her power of attorney. My mother has a life insurance policy on her life that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?

You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears. If the policy is a term policy, you should consider when the policy lapses.

Should I pay the premium on a life insurance policy naming me as beneficiary?

Posted on Fri Jun 5, 2015, on Life Insurance

From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Atlantic County, New Jersey. She appointed my brother Agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?

The insurance company does not care who sends the check. Therefore, you certainly can make the payment.

The real question you should be asking here is: should you make the payment?

Can my creditors go after a disclaimed life insurance policy in Philadelphia?

Posted on Fri May 29, 2015, on Life Insurance

From our “Ask a Question” mailbag: Last year, my mother died in Philadelphia and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, and the insurance money passed to my children. I was recently in a car accident. If I am sued can they claim that life insurance money?

No one can force you to take an inheritance. If you properly disclaimed your interest in the life insurance, then you never received it.

An Explanation of Crummey Powers and Crummey Trusts

Posted on Thu Nov 20, 2014, on Life Insurance

Summary: In 2014, a trust utilizing Crummey powers allows an individual to contribute $14,000 a year ($28,000 for married couples) into a trust without diminishing the lifetime gift tax exemption. Instead, the gift is exempt from the gift tax under the Annual Gift Tax Exclusion. These gifts can help avoid the 40% Federal Gift Tax, preserving wealth for the family.

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