by Ed Hinerman | Feb 18, 2008 | cancer, estate taxes, insurance, life insurance
There are a couple of reasons this upcoming election could have an impact in the life insurance realm. For most of us poor folks you would think that estate taxes wouldn’t be a big issue. I think it’s significant no matter who you are. Just to recap the...
by Ed Hinerman | Nov 26, 2007 | estate taxes, insurance, life insurance
A recent senate finance committee meeting was convened to hear both sides of the argument on the 2010 repeal of estate taxes. As I have pointed out in previous posts, the estate tax has been modified over the past 7 years to make it less of a burden on medium sized...
by Ed Hinerman | Nov 26, 2007 | estate taxes, insurance, life insurance, second to die insurance
Currently the federal estate tax exemption, the amount of an estate that can pass on to a family without being taxed (at the federal level), is $2,000,000. This is up from an estate gobbling $600,000 just 7 years ago. Remember that a persons entire estate can pass tax...
by Ed Hinerman | Oct 14, 2007 | estate taxes, insurance, life insurance
Writing a check for your life insurance premium may not be up there with getting a hot stick poked in your eye, but it certainly isn’t as soothing as writing a check for a Carribean vacation either. So, if I asked you this. Do you like writing checks to the IRS?...
by Ed Hinerman | Oct 7, 2007 | estate taxes, Independent agent, insurance, life insurance, term insurance, universal life
Most life insurance trusts are funded by permanent insurance, either universal life or whole life. This is generally not an inexpensive proposition, but compared to estate taxes, by far the smaller hit. I mentioned in a previous post that the ownership of a policy...
by Ed Hinerman | Oct 7, 2007 | estate taxes, insurance, life insurance
As explained in a previous post, if the owner of a policy sets up a life insurance trust and changes the ownership and beneficiary to the trust, and a death occurs within three years of that change, the IRS will roll the clock back to original ownership and...
by Ed Hinerman | Oct 7, 2007 | estate taxes, insurance quotes, life insurance
Life insurance proceeds are about the only source of money that is income tax free. This gives added value to the benefit that you leave your beneficiaries. There is one area that you need to be careful with beneficiary designations. The IRS has a three year look...
by Ed Hinerman | Sep 16, 2007 | Burial insurance, estate taxes, final expense life insurance, insurance, life insurance, term insurance, universal life, whole life
Term insurance or whole life? Term insurance or universal life? How should you decide just what product best fits your need for protection for your family? I’ve discussed in numerous posts how to determine the proper term length and the proper use of term...
by Ed Hinerman | Aug 23, 2007 | estate taxes, insurance, life insurance, second to die insurance
Is the need for second to die life insurance going to go away? Will the estate tax really disappear in 2010? Should you jump to decrease your life insurance because of the new exemption limits? Well, in the world according to me the answers would be NO, NO and NO! The...
by Ed Hinerman | Jul 18, 2007 | Burial insurance, estate taxes, final expense life insurance, insurance, life insurance, second to die insurance, universal life, whole life
Here’s where you can get a whole helping of my opinion that has grown and matured and reformed and settled since I sold my first whole life policies in 1978. Both whole life and universal life are meant to be permanent insurance. They are meant to be there until...
by Ed Hinerman | Jun 7, 2007 | Alcohol Treatment Life Insurance, cancer, Depression, Drug Treatment Life Insurance, estate taxes, heart disease, insurance, life insurance, private pilots
A Simon and Garfunkel song with the line, “my lack of education hasn’t hurt me none”. Well that may be just fine for most life insurance agents, but the fact that it hasn’t “hurt them none” isn’t really the point. How many...
by Ed Hinerman | Feb 3, 2007 | estate taxes, insurance, life insurance, term insurance, universal life, whole life
Let’s start with definitions of whole life, term insurance and universal life. Whole Life, as a product, is now very rare . These days it is actually more of a generic term referring to permanent, usually universal life insurance. The definitions! Whole life...
by Ed Hinerman | Jan 31, 2007 | estate taxes, insurance, life insurance
As we close in on 2010, the year that congress is slated to do away with estate taxes, is there anyone out there that really believes estates won’t be taxed after 2010? Personally I believe the government will take action to leave the estate tax on the books....
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