While life insurance traditionally pays a death benefit so that your family has enough money to pay the bills, it has also become an investment and a retirement vehicle. This chapter will talk about the types of products available and will guide you through the rules on how life insurance should be owned and paid to maximize the value of the insurance for your family.
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Wills and Estate Planning Sections
- Everyone Needs a Plan
- Preplan Prerequisites
- The Five Steps of Creating a Plan
- Understanding the Probate Process
- How to Avoid Probate
- The Parts of a Will
- Decisions to Include Within the Will
- Drafting Your Will
- Changing Your Will
- Owning Property in Joint Name
- A Trust May Be Right for Your Plan
- Decisions to Include Within a Trust
- Choosing a Trustee
- Creating a Trust
- The Lowdown on Life Insurance
- Reviewing Retirement Accounts and Annuities
- Death and Taxes
- How to Reduce Taxes
- Charitable Gifts Can Reduce Taxes
- Powers of Attorney
- Guidance for Your Family
- Asset Inventory Worksheet
- Sample Trust
- Sample Advance Health Care Directive
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- The Lowdown on Life Insurance