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Should You Transfer Life Insurance to Your Children?

Financial protection translates to security for many parents and knowing their children will be taken care of financially can help provide peace of mind. From the minute your child enters the world, they become your first priority and concern above all else. This won’t change as you consider how to best provide for them, should the unthinkable happen. Did you know you can transfer your life insurance policy to your children?  While this option is not for everyone, you may be in one of the unique situations where this can better help you and your children. For example, if your estate is worth more than $5.59 million, you may consider transferring ownership of your life insurance policy as a means of lowering estate taxes.  You can avoid federal taxation on the life insurance proceeds by transferring ownership to your adult children, or another, trusted beneficiary. Other reasons people transfer ownership of…

Are You a New Homeowner? Make Sure You’re Covered From the Ceiling to the Floor

You’ve been through it all- searching up and down neighborhoods, wandering in and out of bedrooms, and walking on more avenues than you’ve ever imagined- to find your dream home. The long drives and endless walks are all worth it though because you’re finally ready to move into a place that will soon feel like home, if you haven’t already. As you have probably learned, many things come along with purchasing a home and it’s a rather exhausting process. During this exciting, yet stressful time you’ve dealt with the steps of acquiring homeowners insurance, appraisal, inspections, and credit checks. Depending on where you live you might be required to attain other insurances too, like flood insurance or tornado insurance. All of these facets are equally as important as the next because you need them all for a positive experience and beneficial purchase overall. So you now have a property. Next…