Browsing articles in "Insurance"

Securing the Beneficiary You Want

How sad it is when the wrong beneficiary is able to receive the proceeds of one’s life insurance? This is an all too common problem encountered when changes in one’s life due to divorce or death are not followed through with changing the beneficiary of one’s life insurance policy. In the Case of State Farm [Read the Rest]

The Gift of Life

The death of a child is a parent’s worst nightmare, especially if young children are involved. Young children present an unexpected, unwelcome financial and emotional familial loss. Will this burden fall upon the grandparents who certainly have not planned for a premature death of their child or child-in-law and may now be called upon to [Read the Rest]

Crummey Powers – Often Overlooked

When making annual exclusion gifts, typically while funding an Irrevocable Life Insurance Trust (ILIT), it is imperative that Crummey notices be provided to the beneficiaries of the qualifying gift. Without this notice, the IRS can attack the gift, causing it to become a future gift versus a present value gift and eliminating the use of [Read the Rest]

Trap for Employer-Owned Insurance

As a follow-up to my previous wealth tip titled “Employer-Owned Life Insurance,” there may be a cure for the unwary who fell into the trap of IRC §101(j) which became effective August 17, 2006. You may recall the impact of IRC §101(j) is tax onerous. The issue is the IRS does not offer any safe [Read the Rest]

Protecting Human Capital

Human capital is the stock of knowledge, habits, social and personality attributes which would include creativity, further embodied with the ability to perform labor so as to produce economic value. Said another way, human capital can be looked upon as a collection of resources; i.e., knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom. [Read the Rest]

The Deferred Annuity Alternative

The call for safe money in today’s world has never been greater. With the stock market at all-time highs and predictions of another crash, investors are looking for safe havens. Many are turning towards the indexed annuity; however, there may be an alternative which could provide more benefits in the long run. Life insurance is [Read the Rest]

Second to Die Insurance

Survivorship Insurance by Barry Boscoe, CFP Survivorship Life commonly known as Second to Die insurance is probably one of the most cost-effective products on the market today for estate planning liquidity.  Due to this fact, insurance companies attempting to enter this market place may design and illustrate products as aggressively as possible, oftentimes projecting premiums and [Read the Rest]

Reverse Mortgages

The intense appreciation in the housing market coupled with the uncertainty, and in many cases, decreased returns of investment portfolios, has created a puzzle for many retirees who find themselves in the position of having more house than cash to help meet their high monthly expenses, such as property taxes, etc.  Their options include selling [Read the Rest]

Quick Pay Life Insurance

Vanishing Premium or Vanishing Policy by Barry Boscoe, CFP All traditional cash value life insurance policies are built around carrier assumptions as to three key elements:  mortality, expenses and earnings.  The starting point, of course, is recent and current experience; however, emerging trends must also be considered. In pricing their products, insurance companies work with guaranteed numbers [Read the Rest]

Protecting Your Financial Health

The Federal Fair and Accurate Credit Transactions Act of 2003 (FACTA), which amended the Fair Credit Reporting Act, has recently gone into effect.  This new rule guarantees consumers one free check of a credit report every 12 months from each of the three major credit reporting agencies: Equifax, Experion and TransUnion. One of the more [Read the Rest]

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