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May 2016 Archives

Attaining a dual layer of protection for one's heirs

The feeling of knowing that one's family will be taken care of even after an individual's death is a great comfort to many in Tennessee. Setting up an estate plan to facilitate the transfer of wealth from one generation to another is often viewed as a privilege, more so than a responsibility. For those who are seeking the greatest possible level of protection for their heirs, a dual-pronged approach might be worth considering.

Why Baby Boomers should periodically review their will

As the Baby Boomer generation continues to age, an estimated 3.5 million Boomers will enter retirement each year, in Tennessee and across the nation. As those individuals grow older, their personal needs will shift and change. In many cases, the provisions laid out within their will and other estate planning documents will also need to evolve. Nowhere is this more true than in regard to the designation of personal agents to handle health and financial decisions.

Life insurance can be a flexible estate planning tool

For many in Tennessee, purchasing life insurance is a means of providing for those who will be left behind after the policyholder passes away. Life insurance is an estate planning option that can help replace a lost income or give surviving loved ones a degree of peace of mind when it comes to financial matters. What many people do not know, however, is that some life insurance policies can benefit the policyholder as well.

Estate planning package should be periodically reviewed

Congress has taken recent action to increase the estate tax exemption to $5.45 million. Married couples can double that amount to $10.9 million. This means that any wealth that has been accumulated below that threshold will not incur estate tax when the time comes to pass those assets down to the next generation. Any assets exceeding that amount are subject to estate taxes, which can drastically reduce the amount of wealth left for one's heirs. In order to avoid excessive taxation, it is necessary for Tennessee residents to create a comprehensive estate planning package.

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