This time of year we pause to give thanks. Here at North Coast Life Insurance (NCL), we are thankful to be able to help our clients and guide them in making important decisions.
If you’re looking to purchase life insurance, and get the best life insurance for your needs… It all starts with a Continue reading
6 Life-Style Examples…
Young Families: Young families and those considering starting a family, may want to think seriously about life insurance. At this point in life it would be to your advantage to obtain life insurance since rates are lower at younger ages and can be locked in for a predetermined amount of time.
Established Families: Having a family and/or others who depend on you simply means you have a definite need for Life Insurance, unless you have some mega savings account that Continue reading
Many successful businesses are closely held between two or more owners. What happens to these businesses if one of the key owners dies? Will the business continue? Usually the remaining owner(s) often mange the business successfully. However, possessing the financial ability to acquire the deceased owner’s share of the business from the estate or heirs, may prove to be a problem without a plan in place.
Many successful business have evaporated upon the owners death simply because there was not a proper Business Transfer Plan in place. Also if you’re thinking you have nothing to worry about because it’s a family business, you may need to take another look at your family business situation. Statistics show that most successful businesses are not kept within the family when the owner dies.
Planning is key for the business to continue in the event of a business owners death. If there is a buyer, ie: partner, stockholder, or employees, who would continue on with the business in the event of death, the deceased’s business interest will be sold to this buyer at a predetermined price. This is called a “buy-sell agreement”. Funding for this buy-sell agreement can be obtained with Life Insurance, by providing the needed funds to be available at the exact time it is needed.
Life insurance may be the very tool needed, in order to fund a buy-sell agreement. Life insurance would be purchased on the life of the business owner and the proposed buyer of the business would be named as beneficiary. To ensure this agreement is properly prepared and funds are available when needed, it is best to consult your local life insurance agent or financial representative.
ABOUT NORTH COAST LIFE INSURANCE
Established in 1965 in Spokane, WA. North Coast Life Insurance Company (NCL) is focused on providing solutions for you and those you love most. Experience genuine personal service while receiving guidance on all your insurance needs.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). Providing solutions for your financial needs. INSTANT Term-Life Quote: www.insureyourfamily.com
Prefer to speak with a local financial representative? Call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.
As parents we do all we can to provide our children with opportunities to succeed. If the unexpected occurs, the death benefit proceeds from a Life Insurance policy can be used to fund College or other higher educational schooling.
A 2012 Bloomberg report finds that the cost of college tuition has soared 12 fold in 30 years. The same report shares some grim news that this rate has outpaced the price of inflation on consumer goods, medical expense and food. Most of us know that College Tuition is expensive, but with these staggering findings it may put a bit more urgency in protecting this opportunity for our children.
When there is a policy in place to cover your child’s college tuition should there be a pre-mature death, the surviving spouse and child(ren) will not endure this financial burden. Many variations are available for obtaining college tuition insurance coverage. You may feel it is best to have this coverage from the time your child(ren) are born or you may decide it is better to have a term policy only during the time your child(ren) are in college.
What ever is best for your personal situation, talking with your insurance representative about the different options available is the first step. Continuing to provide opportunities of success for your children with life insurance proceeds can make one of the biggest differences in their lives.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.
Death Taxes – aka: Estate Tax, Federal Estate Tax, and Inheritance Tax
In the United States a taxable estate is generally the value of everything owned or have certain interest in at the time of death, minus deductions, such as funeral expense.
Benjamin Franklin once wrote: “In this world nothing can be said to be certain, except death and taxes.”
As the saying goes… you are Taxed when you are coming and Taxed when you are going.
Estate tax rates vary between 37% to 55%, depending on each individual.
Beneficiaries of life insurance proceeds may be required to pay estate tax attributable to the death proceeds, in either of the two following circumstances:
The decedent/insured has directed in his/her will that the life insurance beneficiary pay the share of death taxes attributable to the proceeds.
The state of the decedent’s domicile has a statue that apportions the burden of death taxes among probate and non-probate beneficiaries in absence of any direction from the decedent regarding where the burden of death taxes should fall.
Resources on this subject:
mystatewill.com gives a great answer to the question: Is life insurance subject to the Federal estate tax?
http://www.mystatewill.com/info_files/life_ins_fed_estate_tax.htm
Tax Laws change often, which means It’s always best to view the IRS.gov site under Estate and Gift Taxes for the current laws.
FAQ’s Estate Taxes
http://www.irs.gov/businesses/small/article/0,,id=108143,00.html
Bulletin No. 2003-17 April 28, 2003
page 8 (search 2042)
http://www.irs.gov/pub/irs-irbs/irb03-17.pdf
Bulletin No. 1996-7 February 12, 1996
Estate Tax, page 16
page 24 (search 2042)
http://www.irs.gov/pub/irs-irbs/irb96-07.pdf
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.