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May 2014 Archives

Rules are rules, and insurance companies are all about rules p2

Our discussion is about a decision from a federal appeals court that highlights some important facts about life insurance. As we said in our last post, the case is not out of Texas, but the principles the court based the decision on are commonly applied in insurance disputes.

Rules are rules, and insurance companies are all about rules

A life insurance policy can be an important piece of an estate plan. The funds are distributed soon after the insured's death (or soon after the insurance company learns of the insured's death) and are not subject to the probate process or estate tax. And, the beneficiary need not be a person: It can be a trust or a charitable organization, for example.

Mickey Rooney back in the spotlight as wife contests his will

Mickey Rooney's passing apparently did not end the dispute between the actor and his wife and stepson. We discussed the situation at length in our April 15 and 24 posts. A few years ago, Rooney accused his wife, her son and her son's wife of financial and verbal abuse. He even spoke to Congress about his ordeal.

Estate planning may also include planned giving

The way that individuals approach the topic of inheritances may be different among generational groups, according to a recent article. Specifically, the approach to estate planning may be different among baby boomers, same-sex and younger couples. Such groups may have smaller families or even no children. For them, creating a legacy through planned gifts might be one of their primary estate planning considerations.

Balancing the growth of assets while trying to reduce taxation

While there are many strategies to prevent an estate from being depleted due to taxes, too many individuals fail to understand the consequences that taxes can have. One financial planner called taxes "the biggest drag on returns."

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