Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. There are two main types of life insurance: term and permanent. Term life insurance is the simplest: You buy a policy…
Life insurance can be beneficial in replacing lost income for young families, but as people get older, it can also serve a purpose as part of an estate plan. Historically, one main reason to buy life insurance…
The probate process includes filing a will and appointing an executor or administrator, collecting assets, paying bills, filing taxes, distributing property to heirs, and filing a final account. This can be a costly and time-consuming process, which is why some people try to avoid probate by having only non-probate assets.
A recent study found that 46 percent of long-term care claimants were under the age of 65 at the time of disability. When thinking about long-term care planning and qualifying for assistance there a few options to consider. Medicaid eligibility calculates a person’s assets and if you have life insurance it could be considered an asset.