Estate Planning including Insurance Essentials
What is Estate Planning? It is not just completing your Will for your beneficiaries. Following are items to be reviewed for Estate Planning.
Will and Trust Agreement: There are many advantages to having a trust agreement for your assets and beneficiaries. This should be reviewed with you by an attorney who specializes in Estate Planning. Pro Health can refer some attorneys with good reputations in Estate Planning.
What classification of insurance agent should discuss with you the insurance areas Estate Planning? First, you should consult only with a licensed insurance agent with a CLU or LUTC designation, which is essential for estate planning in the insurance area. Check to see a signed document which states that the insurance agent has the Florida CLU or LUTC qualification.
How does an Estate Planning Insurance Agent become involved in your Estate Planning?
Annuities for Retirement: Annuities are retirement programs provided by insurance carriers. There are many competitive interest rates by insurance companies. You invest a certain amount and then the Annuities pay a monthly amount for the rest of your life. There are guaranteed monthly interest rates. Upon the death of the annuity holder, the beneficiary of the annuity holder receives income for a limited time.
Long Term Care Insurance (LTC): Very Important Information
Nursing Home Payment Problems: Current nursing home rates in Florida are $7,000 and more per month. If a person does not have long term care insurance or cash to pay for the monthly nursing home rates, the Federal Government requires that the ill person sell their home and all other assets to pay the monthly rates.
Long Term Care Insurance is Essential for You: LTC pays a monthly amount for your nursing home to you if you are disabled that may be several thousand dollars per month. LTC is very important for you because the Federal government does not pay a monthly rate to assist you for long term care disability. Many seniors do not find this out until they are too old or unhealthy and cannot purchase LTC.
Permanent Life Insurance: Most Estate Planning is very effective if the applicant has permanent life insurance which will pay off debts and contribute to the beneficiaries. In addition, the permanent life insurance has increasing cash values which can be borrowed by the applicant when needed for retirement purposes or emergency needs.
Health Insurance Supplements: There are various insurance policies that will pay additional amounts to you above your health insurance payments from Medicare or Insurance Carriers. You need to investigate these options. For a small premium, you can buy additions to cover the deduction on your group insurance.