Estate Planning Insurance

Life Insurance & Estate Planning

We’ve all heard the expression, “Failing to Plan is Planning to Fail” and naturally this applies to your estate planning. But what is estate planning and what does it mean to have an estate plan?

Having a plan does not just concern those who are elderly, retired, or only the wealthy. On the contrary, people with more modest estates generally have more to lose and cannot afford expensive estate problems resulting from a poor plan.

For younger people, often there are young children that will need to be cared for in the event of you unfortunate demise. Illness and accidents do happen to people of all ages and it is simply responsible to create a plan even if facing this fact is difficult.

Benefits of Life Insurance In Estate Planning

Life insurance can protect your survivors financially by replacing your lost income to help ensure that survivors wouldn’t suffer financially when the paycheck stopped coming in, and ensure a family has enough money to maintain their lifestyle and live comfortably for years to come. Life insurance proceeds generally available very quickly to provide cash to meet their short-term financial needs. Life insurance proceeds left to a named beneficiary don’t pass through the process of probate.

Life Insurance Can Replace Wealth

Planning with sufficient life insurance to cover the potential costs of settling your estate, including taxes, fees, and other debts everyone must pay. Without insurance these expenses would take a big bite out of an estate perhaps resulting in the sell valuable assets to pay the taxes and expenses that arose as a result of death.

Life Insurance For Charity

Life insurance allow for planning to leave a substantial gift to a favorite charity. Since gifts to charity are estate tax deductible, the gift is not subject to estate taxes. Always dreamed of leaving money to you alma mater or favorite charity this is way to do it.

Life Insurance Won’t Increase Estate Taxes

Before life insurance for estate planning it’s always a good idea to consult your CPA or Attorney about the potential tax consequences. to avoid being subject to federal and state estate taxes depending on the applicable law at the time of death.

Why Crestway Group

The Crestway Group (CWG) can help you design and customize an Estate Planning Insurance plan especially for you or a family member. Contact a team member in our Personal Lines Division to ask about assisting you in obtaining a coverage plan that will help with ease the burden of when your gone without leaving huge bills from medical and other costs.