ElderLaw News-The Estate Planning & Elder Law Firm, P.C. — MD, VA, DC
ElderLaw News
ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C., William S. Fralin, Esq., President., William S. Fralin, Esq., President.

Life Insurance Considerations for Your Estate Plan

Most people are familiar with the concept of life insurance — if you die while the policy is in effect, your beneficiaries receive a sum of money.

You may have purchased life insurance based on a vague idea that it’s a good thing to have, but is it really a necessary part of your estate plan?

When determining whether to buy life insurance, and how much coverage to obtain, or to determine whether to keep paying premiums on an existing policy, consider what need the policy is designed to fulfill in your estate plan.

For example:

• Is its purpose to help replace income you were generating for your family? How much will they need in order to maintain their current lifestyle?

• Is its purpose to help pay off a mortgage in the event of your death? What is the balance on the mortgage?

• If you were to die, leaving behind minor dependents, how much money would they need in order to have financial stability until the age of majority? Would they need funds to continue attending a private school, or to attend college?

• Do you have a business interest that will need to be bought out upon your death? Is there a buy-sell agreement that needs to be funded? How much will your interest be worth?

• Upon your death, will your loved ones need access to cash not otherwise available in your estate in order to pay your funeral expenses or make cash gifts as directed by your will or trust?

If you cannot identify a purpose for your life insurance, it may be that a policy is not necessary. If, however, you’ve earmarked the life insurance proceeds in order to meet a specific need upon your death, you’ll want to ensure the amount of insurance is sufficient to meet that need. And of course, if you realize one of the above scenarios may apply to you, you may want to begin shopping for a policy. For assistance determining whether you need a life insurance policy, how much life insurance is necessary, or how to designate the beneficiaries of a life insurance policy, contact The Estate Planning & Elder Law Firm, P.C.


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The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.chroniccareadvocacy.com.

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The Estate Planning & Elder Law Firm, P.C. encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to The Estate Planning & Elder Law Firm, P.C. If you are interested in a free subscription to the Elder Law News, then please e-mail us at office@chroniccareadvocacy.com, telephone us at (703) 243-3200, or fax us at 703-841-9102.

This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Hook Law Center for their input to this newsletter.

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