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Ohio Estate Planning, Trust & Probate Law
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Since January 2006, A law blog (BLAWG) for professionals and the general public in Ohio regarding estate planning, trust and probate law.
Recent Posts Tagged With 'Life Insurance'
Term Life Insurance with a Savings Feature
In a recent post on term life insurance, we noted the advantages of this type of policy. It is a less expensive form of life insurance that permits a young couple to protect against the untimely death of the wage-earner. The negative aspect of term...
Term Life Insurance Becoming More Expensive
Many people like term life insurance, because it is less expensive than other types of insurance. A young couple can protect against the untimely death of the working spouse by purchasing term life. The only downside to term life is that you are in...
Survivorship or “Second-to-die” Insurance
Most of us do not need to worry about planning for the federal estate tax. With the current exemption amount at $3.5M, a married couple can pass along $7M to their children without paying any federal estate tax.What if you are one of the fortunate fe...
A Charitable Alternative to Cashing in Your Life Insurance
In our prior post, we addressed the possibility of a life settlement as an alternative to taking the cash surrender value of an unneeded life insurance policy. Another alternative is gifting the policy to a charity and taking an income tax charitab...
The Life Settlement Alternative
If a life insurance policy is no longer needed, then most people elect to take the cash surrender value. An alternative is to sell the policy to an institution through a life settlement. Life settlement companies will be interested in the type of ...
Life Insurance Review Part II – Minor Child as a Beneficiary
Another life insurance planning mistake is naming a minor child as a beneficiary. This will almost certainly require that a guardianship be set up for the child through the probate court, incurring court costs and attorney fees. The probate court...
Life Insurance Review Part I – Beneficiary Designations
If you own life insurance, chances are you have designated a primary beneficiary and a contingent beneficiary. If your primary beneficiary is living at your death, she will inherit the insurance proceeds. If your primary beneficiary fails to surv...
