Posted on Mon Dec 12, 2016, on Special Needs Estate Planning
From Our “Ask a Question” mailbag: “I want to set up a Special Needs Trust for my son in my Will. Can I fund a Special Needs Trust with life insurance?”
Tag: Life Insurance
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?”
Posted on Fri Sep 9, 2016, on Probate and Estate Administration
From Our “Ask a Question” mailbag: “My father died recently, and I am the executor. I will file his Will next week. But my siblings have already contacted the life insurance company to collect the life insurance. Can they receive the life insurance before I file the Will? Is collecting life insurance before filing the Will proper?”
Posted on Fri Sep 9, 2016, on Probate and Estate Administration
From Our “Ask a Question” mailbag: “My father at his death gave my brother, and I equal amounts. My brother got life insurance, and I got the house and cash. The Will says the residue pays all taxes. Do we split the New Jersey Estate Tax on life insurance?
Posted on Thu Sep 8, 2016, on Life Insurance
From Our “Ask a Question” mailbag: Life Insurance is a Non-Probate Asset, Unaffected by You Will:
“My sister went to jail, so mother changed her Will and gave me the entire estate. She forgot to remove my sister from her life insurance. Now I hear life insurance is a Non-Probate Asset. Who gets the life insurance?”
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.
Posted on Wed May 11, 2016, on Life Insurance
The “Ask a Question” mailbag addresses the question, how much life insurance do I need?
“How do I calculate how much life insurance do I need as part of my estate plan? My principal goal is making sure I provide for my children until they graduate from college.”
Posted on Sun Apr 17, 2016, on Life Insurance
Our “Ask a Question” mailbag addresses naming children as beneficiary.
“Should my life insurance name my children as beneficiary?”
Posted on Wed Dec 23, 2015, on Estate Planning
From our “Ask a Question” mailbag: Last year, my mother died in Chester County and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, so 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?
Posted on Fri Oct 9, 2015, on Special Needs Estate Planning
From our “Ask a Question” mailbag: My son is a special needs child and I have formed a Special Needs Trust in my will for his care. How do I fund this Trust without paying the Pennsylvania Inheritance Tax?
If you are unable to fund the trust until your death, then the only way to fund the trust without paying the 4.5% Pennsylvania Inheritance Tax on transfers to children (or to trusts for children) is to use life insurance.
Thanks to a skilled lobbying group, life insurance is exempt from the Pennsylvania Inheritance Tax.
