Life insurance is typically one of the most important assets owned within a family or a business, and how the proceeds are distributed at the insured’s death is an essential and integral part of the family’s estate planning and/or the business’s business planning. The many tax benefits of life insurance are also key to its effectiveness in all situations.
Yet too little attention is often paid to the proper policy ownership provisions and beneficiary designations. This can lead to a variety of serious problems, ranging from the wrong people getting the proceeds, children being too young to manage the proceeds for themselves, loss of tax benefits, unwanted tax consequences, or other unexpected adverse results.
In order to help our agents avoid all those problems, we have prepared a comprehensive “Ownership and Beneficiary Guide” that is available upon request to me at email@example.com. We will also be publishing each section of the Guide in subsequent blog posts over the next few weeks, the first section to be posted later this week.
We hope you find this Ownership and Beneficiary Guide to be helpful to all of you as you grow your businesses.
Bob Burton LLB CLU ChFC AEP, Director of Advanced Planning - 415-369-9990, x116 - firstname.lastname@example.org