Often, one of the hardest decisions people make in the estate planning process is how much (and when) to tell their children or other heirs about their plans.
Even if you have a relatively modest estate, life insurance can be an important part of your estate planning for the obvious reason that it can substantially increase the estate’s value. In the case where there’s a premature death and a young family is in need of support, life insurance may be the primary means for that family's financial survival.
The following guest blog is written by Ted Kotsakis, Chief Executive Officer of PLUS Financial Network. He has been in the insurance business since 1985 and has held managerial positions with Prudential and AIG Life prior to creating PLUS Financial Network.
A trust is oftentimes the foundation of a solid estate plan. It is important to remember that you just can't set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of the trust document and its terms. Not doing so can sometimes lead to unintended results.
When it comes to checking tasks off of your financial to-do list, estate planning is probably the last item you get to, and some people don't get to it at all.
It's really not your fault. After all, many people think it’s morbid to think about preparing for death, and others often don't know where to start, so they simply don't get started.
On April 2, 2015, President Barack Obama issued a White House proclamation recognizing World Autism Awareness Day, declaring that “… everyone deserves a fair shot at opportunity” and celebrating the work of “… advocates, professionals, family members and all who work to build brighter tomorrows alongside those with autism.”
We Have Come a Long Way
Individuals sometime assume estate plans only deal with future concerns like planning for retirement, providing an inheritance for loved ones, specifying long-term care provisions, avoiding estate taxes and appointing guardians for minor children … all the "someday" or "what if" stuff.