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Life Insurance De-Mystified
1. Life Insurance De-Mystified
Life Insurance is a powerful tool for estate planning. This look at it may help overcome
confusion.
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LAW OFFICE OF DAVID PARKER BLOG
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2. Most people have an aversion to dealing with insurance, as it
requires confronting risk, and to life insurance in
particular, which requires confronting the inevitability of one’s
own death. However, that should not stop us from making use
of this powerful tool for asset management. The subject is
neither as frightening nor as hard to understand as some think.
The Wall Street Journal recently published a useful guide to
help the wary understand the subject.
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LAW OFFICE OF DAVID PARKER BLOG
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3. The great thing about life insurance proceeds is that they are
liquid. Often, an estate may be high in value but low in liquid
assets. This is particularly true when the estate consists mostly
of real property or a family business. The heirs may be
understandably reluctant to sell valuable property in order to
generate the cash necessary to pay estate taxes, other estate
obligations, and costs of probate. Life insurance provides an
infusion of cash upon death, which the estate can use to meet
these obligations and allow less liquid assets to pass to one’s
heirs free of obligation.
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LAW OFFICE OF DAVID PARKER BLOG
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4. In addition, life insurance can provide tax-free financial security
for your loved ones. If the insurance is owned by an irrevocable
trust, you can also avoid estate taxes on the insurance payout
itself.
The exact amount and type of life insurance that is best for you
is an important decision and may be crucial for NY estate
planning and New York asset protection for your heirs. Consult
the Journal article for a rundown of the basics, and then consult
an insurance professional to establish the details. It’s also
recommended that you include insurance information in
consulting with your estate-planning attorney.
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LAW OFFICE OF DAVID PARKER BLOG
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5. Law Office of David Parker
Estate Planning and Elder Law
www.parkertrustlaw.com