Over the 22 years of practicing law I have met with many people and have reviewed their financial affairs. Although I am not a financial advisor and I do not sell insurance, I believe insurance and financial planning play an important role in protecting you and your family.
There are many types of insurance and I do not have enough time to provide a comprehensive overview of the ins and outs of insurance, but let me talk briefly about several types of insurance in estate planning.
I see life insurance in just about every estate I work with. Life insurance has many applications including funeral planning, or debt planning for paying off a mortgage or car loan. Life insurance can also provide liquid funds for the surviving family.
Long term care insurance is another insurance product I frequently address in estate planning. I highly recommend everyone consider how they anticipate paying for long term care costs. Long term care insurance is one option. Whether you will be cared for at home, in an assisted living or in a nursing home, planning for how the care will be paid for is important. Long term care insurance can go a long way in preserving your estate.
Liability insurance is another insurance product I regularly recommend to my clients. Many people tell me they want to protect themselves from law suits. However it really is not appropriate for most people to do sophisticated asset protection planning with vehicles such as “off shore trusts”. If this is a concern for you, then a meeting with your insurance agent would be beneficial. At that meeting you will want to review the insurance you have in place for your home and your automobiles. You will also want to consider an umbrella policy, or a personal liability policy, to insure you in areas where your homeowners and auto insurance does not.
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