At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Why You Might Want to Keep Your Life Insurance in Retirement
One of the questions I often get from clients who are planning on retiring is whether they should maintain their life insurance. Normally, one might think that that they do not need life insurance in retirement because life insurance is designed to protect against financial loss, and if you have enough money to retire, why would you need it? But, in certain situations, there are good and valid reasons to continue your life insurance during your retirement:
- To protect your heirs from the loss or reduction of your pension income when you die. If you elected a pension income option that stops or decreases dramatically when you die and you have others depending on receiving that income, you may want to retain some life insurance.
- To cover unforeseen medical or end-of-life costs and help protect those surviving you from these unexpected and often large expenses.
- To help pay estate taxes on large estates or If the insurance is funding a liquidity need such as in the case of a buy sell agreement between owners of a business.
- To use as an additional inheritance for your kids or grandkids, or to help fund the long-term care and support for a disabled child.
- To leave the death benefit to a favorite charity.
- To fund all or part of your long-term care insurance. If you have a type of permanent insurance life insurance policy with cash value and you have a need for long-term care insurance, you may be able to fund all or part of your long-term insurance coverage need by exchanging your life insurance policy tax-free to a hybrid life insurance policy that provides long-term care insurance benefits.
Everyone’s situation is unique and the decision of whether to continue your life insurance in retirement is totally dependent on your situation and goals. To learn about the options available and to discuss how they may best fit your needs, call us.
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2010…
As mothers, sisters and daughters, women are often counted on to be caregivers for family members in need. Whether it’s something as small as a cold or as debilitating as a terminal illness, women are typically the ones to care for and help out when a loved one is sick. But what happens when the caregiver is in need of her own care? Too many women are stuck facing this dilemma head on, instead of preparing for it while there’s still plenty of options, resources and time ahead. Below are a few reasons why it’s so important for women to plan for their own long-term care strategies now.