Term Life Insurance Ownership?

Term Life Insurance Ownership?

Term Life Insurance Ownership?

My wife and I are in our 40’s and 50’s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford. We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death. The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly. I’m confused. What ownership is the best? What is the benefit of that choice? Thanks for your time.

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


RELATED:

How much does owning a cat cost you?

I’m looking into getting a cat, and while my financial situation is pretty stable right now, I’m not wealthy by any means and I do have some long-term things I’m saving up for. I’d really like the companionship of an animal but before getting one I have to make sure I can provide for it financially. Obviously it differs depending on where you live and so forth, but could anyone give me a general idea of the cost of owning a cat? Including one-time expenses like the animal itself, collar, crate, etc. and also recurring expenses such as food, litter, healthcare, and toys. How could I potentially save a bit of money here and there without compensating quality? Thanks in advance!


Teen driving alone with a learners permit in MD?

I have a 17 year old daughter who has a learners permit. If she drives without adult supervision and gets pulled over, can anything happen to me? For some reason she only thinks she will get a ticket and not be penalized. If she gets into an accident will my insurance cover her even though she isn’t on the policy or live in the same house?


How do I get Cheap Car Insurance?

Thanks for your answers guys. Just to confirm, I have tried alot of companies so it looks like its as good as it gets. Top Gun- Thanks for the character assasination and your assumptions. I have not lived with my parents for 20 years, I just heard that putting your Mum on as a named driver reduces the premium. And it did by £100. I have never taken drugs, never had a drink problem, never had a bad credit problem and just happen to be single at this point in my life. Sh1t happens. I have not needed a car enough up to now to justify the cost. But now I would like one again. Is that OK?


Insurance friendly car modifications?

Given the cost of insanely expensive car insurance, I have put off modifying my car for the forseeable future. However, I want to know if there are any modifications I can do that will not affect my insurance premium. For example, do I need to tell the insurance company if I respary my standard wheels in a different colour? Thanks.

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes

Insurance on a ninja 250?

Hey I have been looking for my first bike and since I have no experience shifting and riding I want a small bike so I was thinking a ninja 250. From what I have seen they have plenty of power for me, and in my price range so I was wondering how much these cost to insure? I have allstate for my car if that matters? thanks a lot. and please don’t tell me I need to be safe… I am already signed up for my permit class and a safety class. and I am no wheelie riding 100mph rider… just looking to commute and go for rides. Thanks


Car insurance that covers young people driving other cars?

I’m looking to buy car insurance as my renewal is due on the 30th of Nov, Does anyone know of any insurance companies that will let you drive other people’s cars with the owners permission? I’m 20 at the moment and I’m aware that most insurers will only cover 25+ for this benefit but I want to know if there are any companies that offer this to younger people under 21, also if anyone knows of any companies that cover over 21 year olds this will also be helpful as I’m turning 21 during the course of the policy can anyone help me with this?


Preexisting condition, never had health insurance- age 61?

Have a pre-existing condition possibly mental. what am i looking at for health insurance rates? will health insurance be more expensive because i have a pre-exisitng condition?


Term Life Insurance Ownership?

My wife and I are in our 40’s and 50’s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford. We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death. The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly. I’m confused. What ownership is the best? What is the benefit of that choice? Thanks for your time.

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


Should I buy a life insurance policy before leaving the country?

I am going to study in Poland, Germany, and China for an MBA program. I will be gone for almost 11 consecutive months. My parents have asked me to purchase a life insurance policy for a couple thousand dollars. Isn’t that weird, or am I just over-reacting? I am only 22 years old. Why would I need a life insurance policy for a couple thousand dollars?


What is the best health insurance for a newly married couple to get?

My husband and I just got married and are looking to get health insurance. we both can not get insurance through work. we live in arizona, my husband attends ASU. We are both involved in masters programs. We are looking to start a family poss. with in the year! what is the best coverage we can get, with our student incomes? thanks in advance for any advice / guidence you can provide!


How much is the average travel trailer insurance rate?

Please give a actual ESTIMATED rate. If I wanted an actual price, I would contact my insurace agent, but I just need an estimated rate. (California)


I am 20years old born in 1992, however to get cheaper insurance can i make my age at 1982 as a second driver?

What will happen when police stop you to do insurance check? If you are going to be showing your age at 28 born in 1982 instead of 1992 insurance is suddenly cheaper for cars. What will police see if you get stopped for insurance check? Also what can you say if they say why is your DOB 1982?


How much will my insurance company give me for a totaled car?

i bought a 2000 Oldsmobile Alero and totaled it less than a month later. the kbb value of the car is about $3000. Can anyone tell me about how much i should get from the insurance company?


How much will insurance cost for this car..?

so i’m looking for my first car and i’m looking into a Mini cooper S 2004 i am 16 years old and just want to know how much a month it will cost? also could please tell me how much would a 2010 hyundai genesis 2.0t cost as well thanks for all your help 🙂


Auto Insurance Record?

I was at fault in an auto accident but did not recieve a citaion. I switched insurance companies and found that they were aware of my accident. I was wondering how so? And how long will the insurance conmpnaies keep this on their records?


Does your insurance go up if you got a street sweep ..parking violation in NYC?

Does your insurance go up if you got a street sweep parking violation in NYC?


Term Life Insurance Ownership?

My wife and I are in our 40’s and 50’s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford. We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death. The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly. I’m confused. What ownership is the best? What is the benefit of that choice? Thanks for your time.

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


10 POINTS! Is it expensive to insure and range rover?

Ok so is it expensive to insure lets say a 2003-2006 range rover HSE for a 18 year old in the USA? Also could i finance at 18 if i can prove enough income? Looking online there worth roughly 12k-16k maybe cheaper if i lowball.. Thanks


Best travel insurance for visitors to canada?

Can any one suggest me best travel insurance for my parents visiting to canada?


How reliable and beneficial is permanent (whole) life insurance, specifically with Northwestern Mutual Life?

i am debating whether to increase my investment or not


Question About Car Insurance?

Also, If I were to change my insurance would they contact my previous insurance for details?? For example, I currently have AAA, but if I change it to State Farm, would AAA contact State Farm to make sure I’m not hiding anything, such as a driver name.


Is it true that red cars cost more to insure?

I live in Oregon if that makes a difference.


Do I buy car insurance before buying a car from a private party?

I’m buying a car this weekend from a private seller (we are just waiting for the duplicate title to come in the mail; she lost the original). Money won’t be exchanged until then. Is a VIN number required to purchase auto insurance? What about the license plate number? If so, should I ask for these numbers before I go purchase it so that I can buy the insurance and have it ready for driving the car home? Thanks. I’m new to buying cars!


Is insurance group 7 high for your typical first time driver?

found a car i like but its in insurance group 7, is that going to be expensive for your first time driver. if so other car recommendations would be appreciated, i was looking at a Citroen Saxo VTR 1.6i 3dr.


Insurance cost for brother with 3 points on his license age 20?

he got 3 points age 14, TWOC, now wants a car, how much do you think insurance will cost?

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


Should I cancel my car insurance?

I got into an accident 1 month ago and the insurance company of the person who hit me is handling my claim. I don’t have coverage for my car so my insurance company is not really doing anything. So should I just cancel my insurance because I am not using my car anyways, and most likely my car will be a write-off because the damage seems irreparable or if it is, the repairs would cost more than the car itself. What do you guys thinks? Thanks for your time.


Medical insurance on long term disability running out. Cobra WAY too expensive. Need affordable alternative.?

I’m on long-term disability from my job and receiving long term disability pay, my husband is unemployed because of a layoff as well, my medical insurance plan expires the end of this month. Cobra is WAY too expensive. Need to find a affordable insurance plan or wondering if I can qualify for Medicaid because I am technically still employed by my employer and receiving long term disability pay. So far I have been turned down by every insurer because of my disability. Please help with advice… Thank you…


Do insurance companys consider the Honda civic si has a sports car?

My company is AAA and does anyone know who much my insurance would cost Im a 16 year old Male in Tennessee and im real looking at the blue honda civic si coupe thanks


I have asthma and lost my insurance, help?

I live with my family an was fully covered on their MEDICAL. Recently I was put on share of cost and cant afford the deductable but I have asthma and can hardly walk a few blocks without wheezing or work out without my enhaler which i found out cost 600. Does anyone know a loop hold or any way to grt my medacine when I cant afford it? Is their nay programs to help?



BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes

I am considering getting new quotes for home and car insurance. What do you think is the best way to compare without a company bias?

I am considering getting new quotes for home and car insurance. What do you think is the best way to compare without a company bias?


Term Life Insurance Ownership?

My wife and I are in our 40’s and 50’s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford. We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death. The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly. I’m confused. What ownership is the best? What is the benefit of that choice? Thanks for your time.


Insurance pays for Impound fee’s help?

Here is my situation. I was driving from school and a crazy driver made me avoid him almost hitting me causing me to crash into a parked car on the curb, the guy recklessly driving left the scene and i got stuck with all the blame. I’m a teenager 17 years old i have no license nor permit but i was responsible enough to get myself insured in the car full coverage i had to find ways to get from school to home and from home to work. Well my car got impounded and now i’m stuck with a hefty ticket for 1) making an unsafe move 2) Driving without a license and my dad got a ticket for letting me drive without a license. The car is totaled from the right side of the front and it’s a Toyota Celica GT-S 2004. My questions is this. Will insurance pay for the towing and impound fee’s that are about to hit me? I live in California. I have full coverage on insurance and i already called them and I’m expecting a call back. I really can’t afford the impound fee’s and my dad is in a very heavy financial situation. I pay for the car myself and insurance which is hefty. I’m just wondering if insurance will pay for the Impound fee’s and the cars damage. Thanks for your answesr.


Best Car Insurance For young Couple”?”

Me and my fiance are starting to get estimates for major bills we’ll know will be high (rent,car insurance, etc) What’s the best car insurance for a young couple (20 year & 19 year old) for just basic coverage Im in the process of getting just a plain normal 4 door car like ford Taurus (1998-2000).. He has a ford 86′ truck without 4wheel drive Neither of us have tickets, nor pricy sport cars But I’ve almost 20 and only been drving for 2 years (due yo bein homeschool, it was hard to get into drivers ed_) He’s 19 and been driving less than year (cause hes school schule didnt allow for extra class like drivers ed)

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


Has anybody here bought Christian health insurance?

The Christian station in my area played an ad for something call medishare. They said it was very affordable. Does anybody know how it works?


Please help with auto insurance?

I want to buy a WRX for my first car. I am 16. The car I want is a hatchback. It would be a 2002-05. Would auto insurance be a lot more than a Civic Si?


If i get a speeding ticket, will i receive a notice from insurance?

So i got a speeding ticket in CA. I got the ticket in the mail and payed it and am now going to traffic school so that my insurance wont go up. Will the insurance company send me a notice regarding the ticket even if my rates don’t go up?


DECEASED PARENT’S LIFE INSURANCE?

I was the only child to an unmarried woman (father unknown); my mother’s mother was from Bermuda who died in childbirth when my bio-mom was only 12. My father (really my uncle through adoption, her twin brother), was her only relative who raised me. They’re the ones who asked me to seek out the life insurance policy. Sidenote: I found a website of retired Honeywell employees email addresses (thanks to some keywords you guys mentioned); I’m going to mass email them with my same question to see what insurance company was used back in 1969-70 since they’re retired and obviously must’ve worked the past 30-40 years there. Thanks!


Health insurance question?

will my family health insurance premium skyrocked if I have a debilitating illness, if so what is a person to do about this if they dont want to use their savings..


Can someone explain the difference between Health Insurance and any other Insurance?

@nothingconstant: if I show up to the ER and I do not have health insurance or the ability to pay for the care, I cannot be turned away. The hospital will have to absorb the costs of providing my care. However, those costs will be passed along to the people who do pay in the form of higher charges for services. Therefore people who can/do pay will pay more to cover those who can’t (which already occurs now)


How can I lower my insurance rates at 19?

So I’m 19 and my insurance is about 100 a month and i pay 400(really its 300 but I pay 400 so I can finish faster) flat a month for a 2012 Chrysler 200 but initially at 18 I wanted a challenger, but my insurance rate was going to be more than my car payment, so here I am at 19 almost 20 in a few months and am wanting to try my luck again at getting a challenger(my dream car) but just want to know if theirs anything I can do to lower my rate for a sports car, I’ve built a substantial amount of credit I earn 30,000 a yr and have never wrecked is their anything else I can do? P.S I work hard and am a college student and in no way have received help from anyone to get what I want, I just work hard and want my dream car and feel like I can manage it but the insurance is killing me.


Insurance on a 2003 Ford Mustang Mach 1?

How much would insurance be on this car? I’m 16, almost 17, in Arizona, by the way. The car has a V8 engine.


Why are women getting angry over this new car insurance ruling?

Women want to be treated the same as men…same pay, same rights etc but now that the EU has ruled that gender should not e a factor in determining car insurance prices they are not happy about it? I’m confused

BEST ANSWER: Try this site where you can compare quotes from the best companies : Compare free insurance quotes


Can congress pass a law to have current federal retirees pay all of their own health insurance?

Can congress pass a law to have current federal retirees pay all of their own health insurance?


Term Life Insurance Ownership?

My wife and I are in our 40’s and 50’s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford. We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death. The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly. I’m confused. What ownership is the best? What is the benefit of that choice? Thanks for your time.


How much would my insurance be if i owned a tuner car like form fast and the furious?

because i am 16 right now, and in the future ( 20’s) i want to work on one, how much would my insurance be for it?


Will a cat D effect the cost of insurance?

i know the insurers value the car at up to 25% less so it’s important to get a car that is atleast 25% below most similar models but what about the insurance group does that go up?


Insurance for 16-20 year old Male?

Hello all, I am currently 16, and i have my drivers license. I am on my parents plan and i pay about $100 a month for full coverage with my parents cars. But here is my real question, I have been saving for a while (5 years) and i have enough to buy a car i have dreamed of buying for a long time. So i am going to, but my question is what would my insurence be if i did? the car is a 2002 BMW M3 SMG. It has 76,200 Miles on it. I am paying $20,000 for it. I am going to buy it weather the insurance is $1,000 or $100. I have a job and can pay for $1,000 if needed.. so if anyone knows a estimate of what it would be, let me know. If it helps, i have had my drivers license for a month. Also after i buy it, i may just not drive it, if it is too much $$$.. so if it would go down for me when im say 17-20 let me know how much =] Here are some pictures of the car: http://picasaweb.google.com/evanesterman/2002BMWM3SMG# Thanks


Where do you get your insurance or financial information from?

(e.g. friends, family, websites..) Be specific. What are some ways to make it more convenient for people to get their information? Thanks!


Can 2 insurance policies go on 1 car ?

hello all .. i sold my car today basicly because i couldnt insure the insurance or fuel anymore as my hours have been cut in work . now my question is .. can i insure my mums car which is already insured by her .. reason i ask is if i cancel my current policy i will have to pay the full years worth of the car i had previous which would be 1000 pound , so i was thinking to insure my mums car to keep my insurance going ? is this possible ?


cheap insurance with accident



















































Comments are closed.