For most people, life insurance plays an important role in their estate plan. It can, however, play very different roles within that plan. The purpose a life insurance policy has within your estate plan will determine, to a large extent, which type of insurance you should purpose. Understanding the different types of life insurance policies available is clearly important. With that in mind, the Hartford probate attorneys at Nirenstein, Horowitz & Associates, P.C. explain some of the most … [Read more...] about Which Type of Life Insurance Is Right for Me?
We are all aware of the use of life insurance as a vehicle of income replacement. This is how life insurance is most widely utilized in the field of estate planning, and it is extremely important, especially when you have a family that is dependent upon your ongoing income. However, there are some other uses for life insurance in estate planning and we would like to take a look at a couple of them here. Life insurance is routinely used to balance inheritances. To provide an example of what … [Read more...] about Life Insurance Is Often Used To Meet Estate Planning Objectives
The matter of long-term care is something to take seriously. Medicare will not pay for an extended stay in a nursing home, and the costs can be considerable, especially if you have to spend multiple years in such a facility. You are looking at over six figures for a single year in a nursing home in the Hartford area. One option that is available to you as you look ahead toward the possibility of incurring long-term care expenses in the future is the purchase of long-term care … [Read more...] about When Should You Buy Long-Term Care Insurance?
When you started your first "real job" it is likely that you were seated in an orientation session that included an explanation of your company paid benefits. At that time you were probably told that you would be given a certain amount of life insurance at no cost with the option of increasing your coverage and paying for this additional protection out-of-pocket. If you started your career as a single person the company paid insurance may have seemed ample. But once you get married and you have … [Read more...] about Take Life Insurance Seriously
When you are the owner of a business in partnership with others the matter of succession is something to consider when you are planning your estate. The dynamic that exists between partners in a privately owned business is unique. When one of them passes away or leaves for some other reason the remaining partners are usually going to want to retain control of the business. For example, if you leave your share to your family and none of your heirs has any interest in helping run the business, … [Read more...] about Small Business Succession Planning
Retiring can be tricky when it comes to health insurance. If you have group coverage through your employer, then dropping that coverage may also leave the rest of your family uninsured. Buying Health Insurance After 55 – If you need to purchase individual health insurance after you are 55 years old, you should be aware that insurance companies will base the premiums on the age of the oldest family member, thus you’re going to pay higher premiums. The best way to buy insurance is to put it in … [Read more...] about Health Insurance Tips for Retirement