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Long Term Care

Divorced and Remarried? Don’t Disinherit Your Kids

With the national divorce rate more than 40 percent, a large percentage of retirees and pre-retirees will have to contend with dividing their assets between their most recent spouse and children from a previous marriage. This common dilemma can often be rectified via a type of trust called a “QTIP” trust, or Qualified Terminal Interest Property trust. The acronym describes the function of the trust, which is to allow for a “terminal interest”, meaning an interest (for the most recent spouse) that terminates upon death. This type of trust, therefore, allows the trust owner’s (who in this case will also be the deceased) most recent spouse to control the assets of the trust for the duration of the spouse’s life. Then upon the death of that spouse, his or her interest in the trust will cease and the trust will determine how the assets are distributed.

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Long Term Care

Create Your Medical Directive Before It’s Too Late

When you become unable to make your own health-related decisions, someone else will – and it may not be to your liking. You can take charge of those decisions if you’ve created a medical directive. It’s one of the essential tools of estate planning.

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Life Insurance

When is Permanent Insurance Really Necessary?

For millions of Americans, the choice between term and permanent insurance can be a confusing one. A number of variables factor in to whether one is more appropriate than the other for most consumers, such as debt level, health and longevity, and the size of one’s estate. There are a number of arguments on both sides stating why one is better than the other, but in virtually all cases, there are a couple of situations where permanent insurance is usually the best choice.

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Life Insurance

What to Know When Switching Life Insurance Policies

Beginning retirement is a big change. Not only is your income changing and your kids finally get on their own, but you begin arranging things for your retirement and perhaps final issues. Our life insurance needs change as our circumstances do. If you’re going to maintain life insurance on yourself but want to alter it, here are some considerations on switching policies for a better deal.

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Life Insurance

Turned Down for Life Insurance? – Here’s What to Do

You’re in good health and see your doctor regularly. So what can you do if your life insurance application is turned down based on the results of the medical exam? Realize first that life insurance companies are in the risk-assessment business – not the diagnosis business.

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Life Insurance

Make Sure You Life Insurance Doesn’t Go to Your Estate

Generally, you designate a beneficiary for your life insurance when you purchase the policy. If you were undecided at that time, then you – or rather your estate – will be the beneficiary. Be sure to update your policy and decide on the best beneficiary or you’ll undermine a lot of the benefits that life insurance payout can give your eventual beneficiary.

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