Life insurance is the foundation of solid financial plan and it is important to make sure that you and your family are protected if there is an unexpected death. While each family has a unique situation that will determine their insurance needs, there are some factors that hold true for most people. Below are some typical considerations to help you calculate how much insurance you should have.
Since recent tax changes imposed by the federal government, it has been a topic of debate whether or not trusts hold the same advantages they used to. It is true that from a tax perspective trusts aren’t as advantageous as they used to be, however trusts can still be valuable when planning for unique family situations. In the broadest terms, trusts are used to pass money down through generations in a controlled manner. Many families utilize trusts to control how money is dispersed to certain family members and to ensure their loved ones are taken care of when they are gone.