Naming Your Life Insurance Policy Beneficiary – Things to Consider

One of the most important parts of owning a life insurance policy is naming the beneficiary.

Properly naming the beneficiary of a life insurance policy can be a key decision to ensure the proceeds are distributed and used properly.

We have compiled a list of questions and answers to help provide additional guidance.

The Benefits of A Spousal Lifetime Access Trust (SLAT)

Spousal Lifetime Access Trust(s) are ideal for married couples with a potential estate tax liability who want flexibility in their estate planning.

A Spousal Lifetime Access Trust allows one spouse to be a beneficiary of the trust, while the other spouse is the grantor of the trust.

A Spousal Lifetime Access Trust (SLAT) allows a client to make irrevocable transfers of assets.

Guidelines for Transferring Business Owned Life Insurance

There are several reasons a business may want to transfer ownership of a business or corporate-owned life insurance policy.

Before changing the ownership it is important to know the policy’s fair market value, understand any tax issues that may exist upon transferring ownership, and the best way to distribute the policy.