One of the largest expenses for a family is higher education expenses for their children. Education expenses continue to grow faster than inflation. This reality has resulted in even families with significant means having to plan for the future.
If you, a family member or a friend own a life insurance policy that is no longer wanted or needed then read this article as it could be worth thousands of dollars. Many of my clients or their family members or friends own life insurance policies that were purchased for various reasons, such as to fund a college education, provide support for minor children or pay off a mortgage in the event of an untimely death. The reason for having the policy may no longer exist and the cost to keep the policy may be prohibitive. Additionally, an older policy may have a large premium and/or death benefit and the owner may be able to replace the policy at a lower price or reduced benefit.
Many married couples own their homes as Tenants by the Entirety with right of survivorship as at Common Law. This form of ownership usually protects the house in the event one of the spouses has a creditor issue (i.e. judgement). What many spouses and even some professionals do not realize is that married couples can own almost any asset (real or personal) as Tenants by the Entirety with the right of survivorship in Virginia and thereby protect those assets from the creditor of just one of the spouses.
Many business owners struggle with the dilemma of how to retain their key employees without deluding their stock ownership in the company. This is especially applicable for closely held business owners who want to retain key personnel not only during the term of their ownership, but possibly when the owner turns over control to the next generation.
It is always important to make sure the beneficiary designation for Life Insurance, Annuities and Retirement Accounts are current, especially after a significant event, such as, disability, divorce or birth. It is even more important to make sure the beneficiary designations are current for Federally sponsored assets, such as Federal Employees Group Life Insurance.
A Special Needs Trust (SNT) is a form of discretionary, spendthrift trust designed to preserve government benefits for a disabled or aged beneficiary. Distributions from the trust are intended to supplement public benefits, not supplant them.