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Archive for May 2011

Things You Need to Know about Making a Will

For most people creating a will doesn’t need to be a complicated process.  Here are a few basics steps that must be taken when you’re creating a will with your estate planning lawyer. The first thing to think about is in relation to possessions.  People typically remember to include large possessions like homes and bank accounts during…

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Are My Life Insurance Proceeds Taxable?

In most instances, life insurance proceeds are income tax free to the beneficiary but are taxable to your estate if you owned the policy on your life or retained any “incidents of ownership” such as the right to change the beneficiaries or borrow against the policy.  If this is the case, the life insurance proceeds…

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