Estate and Financial Planning for People Living with COPD

Getting Disability Benefits for COPD, Asthma, or Other Respiratory Disorders
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Jan Collins. A Beginners Guide to Health Insurance. Jessica Reagan. Dictionary of Health Insurance and Managed Care. David E. William J.

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Ward Jr. Family Trusts. Hartley Goldstone.

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Estate and Financial Planning for People Living with COPD

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Family Trusts. Financial support and responsibility for children This work presents cases studies of applications of Geotechnology such as Geography Information Systems, virtual Also, the creditor claims limitation period is often shorter than for a living trust. Private Foundations.

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Private Foundations World Survey. Johanna Niegel. Kenneth Kee. Stanley Kardatzke. Many people mistakenly believe that all life insurance proceeds are exempt from taxation. There are many circumstances under which life insurance is taxable. However, if ownership of the policy is properly set up from the commencement of a policy in a life insurance trust by an attorney, estate taxes are not applied to those proceeds.

Many factors impact whether or not life insurance trusts are beneficial for particular individuals and their families. While there are a number of benefits associated with life insurance trusts, there are also several drawbacks. Most people who establish life insurance trusts do so to prevent their heirs from having to pay estate taxes. Be sure to discuss your particular situation with an estate planning attorney before making any firm decisions. There are numerous ways to use life insurance to help pay for estate planning but the use of an Irrevocable Life Insurance Trust ILIT is a place to start.

This article reviews what that Irrevocable Life Insurance Trust is, what it does and when one should use one. This article was written for LifeInsure. Because, even though the proceeds are income-tax free for the beneficiaries, the money may be included in your estate and, thus, be subject to estate tax.

One way to prevent this outcome is by creating and setting up an ILIT to own the policy. Your cash contributions to the trust to cover premium payments are considered taxable gifts, so a gift tax return may be required. With savvy planning, however, you can minimize or even eliminate gift taxes by using annual gift tax exclusion amounts. Also try to avoid transferring an existing policy to an ILIT. If you die less than three years after the transfer, the three-year rule will kick in and draw the proceeds back into your estate. By having the Irrevocable Life Insurance Trust buy a new policy on your life, you can avoid this outcome.

You naturally want to ensure that your children will not be harmed financially and will be able to retain business interests and other assets after your death or the death of you and your spouse. But one of the biggest and most common snafus you can make is designating a minor or legally incompetent person as beneficiary of your life insurance policy. The result?

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Your executor will have to go through the lengthy and expensive process of arranging a court-appointed guardian before the death benefits are released to your family members. Designating an ILIT as the beneficiary of the insurance policy can help prevent this outcome. An Irrevocable Life Insurance Trust provides you with the flexibility to establish detailed criteria for how and when the proceeds will be distributed to or on behalf of your loved ones.

You can instruct the trustee to distribute the funds to beneficiaries at any age you wish, even into adulthood.

For example, you can allocate distributions for college tuition or health care, or make them contingent on certain achievements, such as graduating from college, becoming active in the family business or being gainfully employed elsewhere. You can use distributions to reward exemplary behavior, such as becoming involved in a charity, or celebrate certain milestones, such as a birthday or wedding. For a beneficiary who is severely disabled or otherwise legally incompetent, consider establishing a Special Needs Trust which provides for his or her comfort and cost of living without jeopardizing eligibility for government assistance.

An ILIT can help ensure the policy works as you intend by shielding your estate plan from snafus that make policy proceeds vulnerable to hefty estate taxes or prevent the proceeds from being distributed according to your wishes.

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Technical assistance for the information contained in this article was provided by The Law Offices of Afshin A. Asher, with offices in Los Angeles, California. Term Life Insurance Quotes. Many insurance companies determine your age as your age at your nearest birthday. As an example, if you were born on January 1,, your "insurance age" in would be age 40 up until June 30th, Thereafter, it would be age 41 until June 30th, The date your policy is issued determines your insurance age.

As it typically takes 30 - 90 days to approve a policy, the premium of your policy might differ slightly from your original quotes. Have Questions? Call Us! Wills If you choose only a will, your estate will most likely have to go through probate.