The initiative to plan ahead with Wills, Trust, Term & Whole Life Insurance can be a burden to some degree. But planning ahead for your future holds a greater reward regardless if you don't believe that you possess the appropriate time and money to invest. To have your family clear of an unexpected burden is priceless. So twice because the real investments are the people you leave behind in life.
I'm certain we can all agree or disagree everyone is guilty of something. And where the truth hurts our individual’s actions prove how we either take on "responsibilities" or frown upon taking "accountability".
Term insurance: provides protection for a specific amount of time and no medical evaluation is required minus the cash value lines that might require you to live in good health for at least one year of your life. Then once the coverage terminates you are able to repeat the process once again by recalculating what has already been an investment into “Term verses Whole life insurance”. Now you must figure out the rest of what's in the best of your financial interest.
To the young people just in case you have not appointed a "legal guardianship" to care for your kids start today on who will be committed in ensuring they are properly raised. Or else you will leave them in the hands of what "the STATE will execute" of their future plans.
Life insurance: builds cash value over time, pay for accidents for instance if you were to lose a limb or go blind it still pays while you are still alive. But here's the catch the face value and amount paid in will never match up in the end.
A Living Will, Will and Trust allows the owner to set the terms attached with Medical Power of Attorney that insures the doctors follow the direction according to your final wishes.
I witnessed people make preparations for their departure here on earth by "willing" their hard earned fortunes to selected "heirs". While some people procrastinated to plan for life's misfortunes that would eventually leave their families in an "emotional state" of how they would coordinate pay for their love ones final resting place. As the remainder of people scrambled through what is left of their "unassigned gifts" because of their disobedience to the people who tried to educate them while they were still alive. They lacked to show respect and interest of what would eventually drive them mad.
Estate Tax: did you know that you can pass to your children up to so many millions tax free "loop holes for trust fund babies". It’s there if you chose to read. So what if you don’t meet these requirements today remember tomorrow someone dreamed they would eventually win the lottery? And if you are the recipient of term insurance who has plan to leave this money for the kids this will flows into the estate but watch closely before you have to pay 40 to 45% of taxes to the IRS. It would behoove you to read up on an “insurance trust” to see what will happen next.
Community Property and couple should read into rights of survivorship to ensure the spouse receives 100% and for homes left to your children read what is a "step up in cost basis" advisors say sale before putting it into your name" take some advice, think and approach cautiously.
And maybe this information does not apply to all of you. Remember every individual does not move, reside or think the same. However it is up to every individual to stay top of their GAME!
