Why You Should Also Consider Life Insurance as Part of Your Estate Planning Toolkit
Setting up a consultation with an experienced estate planning attorney is strongly recommended, so that you have the opportunity to walk through your individual situation and determine strategies and tactics that will help you accomplish your estate planning goals.
Putting together an estate plan and outlining the essential documents such as a will or a trust, that can help you pass things on to future generations is certainly important, but it may not be the most comprehensive way to address your estate planning concerns. Many people do not realize that there are significant estate planning benefits associated with using life insurance.
Life insurance is a great way to help your beneficiaries after you have passed away. The funds tied to a life insurance policy can be used to cover funeral expenses as well as to provide for your children or your spouse after you pass away. The cost for life insurance varies, but it is strongly recommended that you get it while you are young and healthy. This is the best way to lock in a low premium rate and to have the peace of mind that if something were to happen to you, your life insurance policy will be able to provide for your loved ones
More complicated strategies are also available that you may discover after consulting with an estate planning attorney in New Jersey. One such example is the irrevocable life insurance trust. Contact a lawyer to learn more about whether or not this is appropriate for you.