Life Insurance and Estate Planning
- Who should own life insurance?
- Which is better, permanent life insurance or term life insurance?
- Do the beneficiaries of life insurance pay death taxes?
Life insurance can be an excellent estate planning tool — in the appropriate circumstances.
If you have questions or concerns about life insurance for yourself or a loved one, please contact the law offices of Feeney & Kuwamura, P.A., in Silver Spring, Maryland.
Our knowledgeable estate planning attorneys can help you to consider your life insurance options in the context of your entire financial situation. The need for life insurance, like other instruments of estate planning, is not the same for everyone.
Knowledgeable, Conscientious, Trustworthy
E-mail or Call (301) 587-2240
Many people have misconceptions about life insurance coverage and whether or not they need it. If you have children or others who are dependent on you for financial support, perhaps you do. On the other hand, if all your loved ones are financially secure, a life insurance policy for you may be a waste of money. Years ago it was thought that anyone who could afford it should have whole life or permanent life insurance. Today, that is no longer true.
Other common misconceptions about life insurance concern taxes. Many people think the proceeds of a life insurance policy are nontaxable. That is true for income tax purposes, but life insurance is not exempt from state and federal estate taxes.
At Feeney & Kuwamura, P.A., our lawyers know how to find ways of effectively removing the value of life insurance from the estate of the insured. The use of trusts, such as an irrevocable life insurance trust, is one such method.
As part of our law firm's comprehensive approach to estate planning, we assist clients with a variety of life insurance planning and related matters, including:
- Disability insurance
- Health insurance
- Survivorship
- Beneficiary designation
- Breach of contract
- Charitable gift planning
- Estate and trust administration
- Guardianship
Protecting Your Assets, Planning for the Future
To find out how we can help you to protect your financial assets and plan for the future, please contact Feeney & Kuwamura, P.A. in Silver Spring by phone or e-mail.
Our law firm offers legal services to individuals and families throughout Montgomery County, Maryland, and the Washington, D.C., metropolitan area.
