Special Planning for Insurance

Law Made Easy Press
www.shenkmaneducation.com

Martin M. Shenkman
P.C. Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652

Andy Swartz Bleakley
Dwyer, Schwartz, Cooney & Finney, LLC.
100 Passaic Avenue
Fairfield, NJ 07004

Special Planning for Insurance:

Insurance planning is something that many people don’t know much about.

There
are number of different aspects to insurance planning. There are many fallacies
that need to be addressed. Here are some tips to ensure the successfully
planning of insurance:

• Know who owns your insurance.
  – Know if it’s better for you to own it
  or not.
• Make sure you have adequate life insurance for your situation.
  – A
  child you have who is 17 years old can’t do very much with even a million
  dollar policy.
• Ensure the policy with trustees or separate bank accounts under
  trustee’s control.
• Look into term insurance.
  – Make sure it’s enough insurance for your
  situation.
  – It’s also very affordable considering you are paying it over a
  certain time period.
• If you don’t need variable life insurance, do not purchase the policy.
  – It is not a very viable investment.
• Make sure that the policy you’re buying is in coordination with all the
  other plans set forth by your financial team.
  – Make sure your financial
  team is aware of all policies you have purchased

TIP OF WEEK:

Transferring appreciated securities to a family limited partnership if not
planned right you can trigger all of the unrealized gain.

FORM OF THE
WEEK:

If you have owned an S corporation, make sure you have all the appropriate
forms on the S Corporation. Stock of this corporation can only be held by
special kinds of trusts. Make sure you own these trusts.

The above is a summary of a radio show episode on WVNJ Radio, with host
Martin M. Shenkman, of the Law Offices of Martin M. Shenkman, P.C. an estate
planner in Paramus, New Jersey with guest Andy Swartz of Bleakley, Dwyer,
Schwartz, Cooney & Finney, LLC. Listen to the video clip of this segment on
www.shenkmaneducation.com.

Disclaimer: Law Made Easy Press® provides practical and
legal, tax, estate and financial information for educational purposes only. The
goal is to help you best work with your professionals to save costs, and to
obtain better service and results as an informed consumer. There is no
assurance that the laws or sample documents are current, that the forms will
achieve the desired goal in all circumstances. Laws change frequently and vary
from location. Therefore, you should always consult with a local attorney,
accountant, or other expert.