Life Insurance
3 Essential Tips for Financial Planning When You Have a Disability
Having a disability is not quite as rare as many people think. In fact, about 14 percent of adults around the world have a disability of some kind. This includes people who have a physical, mental, intellectual, or sensory limitation at a mild, severe, or moderate level. Also, these disabilities could have happened at birth,…
Read MoreOur 2013 Annual Year-End Tax Planning Letter
Anyone is permitted to make gifts of up to $14,000 per year to an unlimited number of people without having to pay gift taxes. Married couples can make combined gifts of up to $28,000. A married couple wishing to make gifts to two married children and four grandchildren can make gifts of up to $224,000 per year ($28,000 to each child, grandchild and child’s spouse) without paying any gift taxes.
Read MoreDeath of a Loved One: FAQs
The spouse will be eligible for benefits if he/she is 60 years old or older. The benefit amount collected before the age of 65 will be less than that due at the age of 65 or older. Widows who are disabled are eligible for benefits at age 50. If the deceased’s spouse cares for dependent children under the age of 16 or for disabled children, they may qualify for benefits before age 60. The deceased’s children who are disabled or younger than 18 may also qualify for the benefits.
Read MoreLife Insurance: FAQs
The amount of money that you want to leave behind for your dependents should allow them to use some of the money to maintain their current standard of living, then reinvest another lump sum to ensure that they will be well off in the future.
Read MoreWhich Type of Life Insurance Fits Me Best?
Variable Universal policies will give you the option to choose the investments for your cash value. This is more risky, but simultaneously gives you more control over where this money is invested.
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