Estate Planning Tampa | A critical part of elder law is proper estate planning. While life insurance is certainly important for young families, it is also an important part of estate planning for older individuals. One of the most valuable reasons for you to have life insurance is to pay for final expenses such as burial costs and estate taxes.
However, there are certainly other reasons why having life insurance is beneficial. Such reasons include:
- Instant Money: After your death, there are immediate expenses such as burial or cremation, credit card debts and estate administration fees. Life insurance money can go toward those immediate costs that your loved ones will be faced with right off.
- Backup Plan: If it becomes necessary to pay for long-term care, you may need to dip into your assets. Life insurance can still provide an inheritance for beneficiaries.
- Finances for Business: If you own a business, life insurance can provide the funds necessary to buy back shares of the business so it can remain family-owned.
- Donate to Charity: It may be important to you to leave money to a favorite charity. You can direct that funds from your life insurance be donated to charity while other assets are divided amongst named beneficiaries.
For some people, life insurance policies act as a safeguard to ensure there are assets for beneficiaries to receive after they are gone.
If you are searching for more information about life insurance and how it influences estate planning, contact us. At Mortellaro Law, we are committed to offering our clients the most up-to-date information about elder law and how it plays a valuable role in their life. Contact us today to schedule your free initial consultation.