 |  |  |
  |  |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| lic mediclaim
| It may be hundreds of thousands of dollars, which may increase the estate tax considerably. Inheritance of huge amount of money may not be a sole good news to your heirs as they may not get used to managing the sudden windfall. Without a proper planning, the proceeds may result the benefits to be forfeited. What estate planning issues may arise from your life insurance. The money may have to be held in trust and managed by an adult. Any asset under your name will be treated as your estate, that includes your life insurance proceeds upon your death. You may need to be cautious when your beneficiary is under special aid from the government program such as supplemental security income (SSI) and Medicaid. Your beloved heir may have to use the proceeds to fund his basic needs. Moreover, you should also be careful as the minors (children below 18 years of age) could not inherit the proceeds outright. The basic of the life insurance policy is the death benefits. If your heirs are young adults, it could be more challenging to them when it comes to important financial decisions. |