Providing for children from a prior marriage: an estate planning entry point
Article Abstract:
Life insurance can provide individuals married more than once with children from a prior marriage with an effective estate planning vehicle. Spousal right of election laws can make providing for children of a prior marriage difficult, particularly if the individual wishes to ensure the continuation of a family business. Some trusts and retirement plans are treated as testamentary substitutes and are still included in the estate and subject to spousal inheritance rights. Life insurance can be used to transfer wealth to children or provide funds to satisfy right of election claims.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
VEBAs: an underutilized planning tool
Article Abstract:
Voluntary employees' beneficiary associations (VEBAs) are tax-exempt IRS-approved trusts used to fund welfare benefits plans. VEBA funds may only be used to fund life, sickness, accident and other benefits paid to employees or their beneficiaries. Multiple-employer VEBAs are useful vehicles for the transfer of assets to heirs and for asset protection. Benefits are taxable when distributed, but employers receive tax deductions on the contributions that they make to VEBAs.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Personal responsibility for retirement planning
Article Abstract:
Future retirements will be more financially secure if people rely more on personal savings and less on employer pension plans and Social Security. Twenty years ago, diversification was desired, but in today's world, employer-sponsored pensions are being cut and Social Security may be unreliable. Higher-income people who want to maintain their standard of living will need to depend more on their savings because the government is not offering incentives.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Using a split-off in estate planning for a closely held business. Mediation: an effective method to resolve estate and trust disputes
- Abstracts: Pay for performance: corporate executive compensation in the 1990s. Shareholders, nonshareholders and corporate law: communitarianism and resource allocation
- Abstracts: Council may deduct community, charge from its own employees' earnings. No protection for homosexuals under Community law
- Abstracts: Moore v. The Regents of the University of California: an ethical debate on informed consent and property rights in a patient's cells
- Abstracts: What price uniformity? Securing franchisee compliance with suggested retail prices. International franchising: suggestions for compliance