Special Planning for Insurance

Special Planning for Insurance

By: Martin M. Shenkman, CPA, MBA, JD

Law Made Easy Press

Martin M. Shenkman
P.C. Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652

Andy Swartz Bleakley
Dwyer, Schwartz, Cooney & Finney, LLC.
100 Passaic Avenue
Fairfield, NJ 07004

Special Planning for Insurance: Insurance planning is something that many people don’t know much about.

There are number of different aspects to insurance planning. There are many fallacies that need to be addressed. Here are some tips to ensure the successfully planning of insurance:

  • Know who owns your insurance.
    - Know if it’s better for you to own it or not.
  • Make sure you have adequate life insurance for your situation.
    - A child you have who is 17 years old can’t do very much with even a million dollar policy.
  • Ensure the policy with trustees or separate bank accounts under trustee’s control.
  • Look into term insurance.
    - Make sure it’s enough insurance for your situation.
    - It’s also very affordable considering you are paying it over a certain time period.
  • If you don’t need variable life insurance, do not purchase the policy.
    - It is not a very viable investment.
  • Make sure that the policy you’re buying is in coordination with all the other plans set forth by your financial team.
    - Make sure your financial team is aware of all policies you have purchased

TIP OF WEEK: Transferring appreciated securities to a family limited partnership if not planned right you can trigger all of the unrealized gain.

FORM OF THE WEEK: If you have owned an S corporation, make sure you have all the appropriate forms on the S Corporation. Stock of this corporation can only be held by special kinds of trusts. Make sure you own these trusts.

The above is a summary of a radio show episode on WVNJ Radio, with host Martin M. Shenkman, of the Law Offices of Martin M. Shenkman, P.C. an estate planner in Paramus, New Jersey with guest Andy Swartz of Bleakley, Dwyer, Schwartz, Cooney & Finney, LLC. Listen to the video clip of this segment on www.laweasy.com.

Disclaimer: Law Made Easy Press® provides practical and legal, tax, estate and financial information for educational purposes only. The goal is to help you best work with your professionals to save costs, and to obtain better service and results as an informed consumer. There is no assurance that the laws or sample documents are current, that the forms will achieve the desired goal in all circumstances. Laws change frequently and vary from location. Therefore, you should always consult with a local attorney, accountant, or other expert.

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