Archive for Insurance

Naming Life Insurance Beneficiaries

Headline of Life Insurance for background

Chances are that you no longer remember whom you’ve named as the beneficiary of your life insurance policy. You should find out. Why? The beneficiaries that you listed with your life insurance company trump any beneficiary designations that you may have made via your Minnesota Will.

It’s also important that your loved ones know that you have a life insurance policy and where to find it.  Otherwise, the life insurance money may go unclaimed! » Read more..

Life Insurance & Closely Held Businesses

Headline of Life Insurance for background

A dilemma for “asset rich, cash poor” closely held businesses in Minnesota is finding the cash to pay estate taxes and other expenses when a business owner dies without jeopardizing the ability to pass an intact business to the owner’s children.

One potential solution to this liquidity problem is to set up an irrevocable life insurance trust (“ILIT”) to own a life insurance policy on the business owner’s life. » Read more..

Does Your Estate Plan Suit Your Life Stage?

What you need for an estate plan varies with each life stage or milestone. Here are some examples of estate plan considerations for Minnesotans at various ages and life stages/milestones:

Age 18: If you are a young adult you should have a Health Care Directive and Durable Power of Attorney because incapacity can strike at any time. The Health Care Directive will enable your hand-picked agent to make decisions regarding your body, and the Durable Power of Attorney will enable your hand-picked representative to handle your financial affairs. » Read more..

Questions to Ask Your Parents

Sometimes it’s hard for family members to get the conversation started regarding estate planning, so try these questions as an aid to this important discussion:

  1. Do you have a Will?
  2. Do you have a Health Care Directive?  » Read more..

Basics of the Irrevocable Life Insurance Trust (ILIT)

If the proceeds from life insurance policies that you own, when combined with the value of your other assets, exceed the $1.4 million exemption from Minnesota’s estate tax for persons dying in 2015, then you may want to consider an Irrevocable Life Insurance Trust (ILIT). » Read more..

Does Your Long-Term Care Insurance Policy Say What You Think It Says?

Long-term care insurance policies have changed considerably in the past few years, which makes it all the more important that you know what coverage you have. You should request a complete copy of your policy from your insurance carrier to make certain that changes from your original policy were not unintentionally approved by you.

With your policy in hand, check for the following: » Read more..