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How to Choose a Life Insurance Beneficiary: Top 7 Tips

Whether you’re reconsidering the terms of your policy after decades of coverage or just now requesting a quote, life insurance can feel overwhelming. Once you have figured out how much coverage you need and whether term life insurance or whole life insurance is more appropriate for your situation, you still have to choose your life insurance beneficiary. In some circumstances, the decision might be pretty straightforward. But in many others, choosing a life insurance beneficiary comes with more caveats than you might have considered. Here is a quick primer on how to choose your life insurance beneficiary: Choose a Life Insurance Beneficiary (or Beneficiaries) Based on Your Situation Essentially, your beneficiaries should be chosen based on the people who are financially dependent on you in any significant way. These dependents – not always the same “dependents” you would claim on your tax return, are likely different for everyone. If you’re…

To Share or to Save? That Is the Gifting Question

Let’s assume you have or make enough money that you can afford to give it away. Talk about a good problem to have, right? In any case, what are the tax implications of that gift? Your tax benefits or consequences depend on who receives your gift, how much it is, and when it’s given. Here’s a simple way to think about it: If you want to reduce your tax burden this year, give that money to a qualifying charity. If the goal is reducing the size of your estate – and, thus, the amount that can be taxed after you die – consider giving money to family members or any individual who can use your help now. Mom and Dad, Can You Spare $5.49 Million? Americans are living longer, so planned gift-giving is increasingly popular. If you have a sizeable estate, i.e. more money than you’ll need for the rest…