Posted by John T Country Lawyer on November 25, 2015 at 06:15:45 from (216.249.74.3):
In Reply to: Re: Life insurance posted by JD Seller on November 24, 2015 at 21:16:33:
INDEED Life Insurance can be part of a good estate plan. For young family income producers like a working husband, it is often recommend it should be at least 10 time the annual income or more. Then there's the whole argument as to the best long term value and quality of product if its invested in a Whole Life Policy versus a cheaper Term policy with other funds (available since term insurance is much cheaper) invested in say a mutual fund or cash or kept under the mattress or whatever IM NOT GOING INTO THAT ARGUMENT, DO AS YOU PLEASE, THERE ARE REASONS WHY AND WHY NOT FOR EITHER but I do know what my beliefs are (which I will keep to myself, Im NOT here to sell or propose one method over another or argue over it, do as you please). As a person grows older and has no debt, has plenty of cash reserves for final expenses, and his or her spouse has a sufficient guaranteed income if the other spouse dies, they could self insure at such time and/or may not carry as much yet still have enough if they want to leave an inheritance for their beneficiaries.
As far as "selling the farm" or the necessity of such and who gets what, I would advise my clients to address such an important and huge financial matter and deal with it in a good estate plan versus leaving it for spouse or kids or kids spouses to argue over PLAN AND DEAL WITH IT NOW so they don't have to or get the opportunity to !!!!!!!!!!!! SURE people can always argue and fight over it and contest a will blah blah blah which is a good reason to deal with it now (using a professional instead of your neighbor) so your property passes to those you wish and its most likely valid and legal and any court will uphold it. YES BILLY BOB I know anything can be challenged and anyone can be sued if a person is willing to spend huge bucks, all I'm saying is a "good" professional estate plan will more then likely be upheld by a court.
What many of my estate planning clients don't realize or haven't changed or considered in YEARSSSSSSSSSS is their beneficiary designations on life insurance policies (or other accounts also). They could name a specific beneficiary and contingent beneficiaries if the first is deceased or name their estate and let it be distributed according to their will or laws of intestate succession.
As far as children or spouses of ones children and their surviving issue inheriting and who gets what and how to avoid legal loopholes (to the extent possible) and if a will or trust or other methods to avoid probate or even no will at all and the consequences of beneficiary designations and joint ownership with rights of survivorship and Transfer on Death Statutes are all concerned (part of my job if a client wants an estate plan) CONSULT LOCAL COMPETENT PROFESSIONAL ESTATE ATTORNEYS instead of relying on Billy Bob or Bubba or your brother in law is my advice, now yall do as you please and think best, its your money and your risk NOT ANY OF OURS. You can choose a plan that's exactly right for another person (maybe terrible for you) or choose one that's best for you according to your wishes.
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