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[BLOG] Outdated Beneficiaries Could Blow Up Your Estate Plan – Here’s How to Avoid It Have you reviewed your beneficiary designations lately? You know, the designations you named on your life insurance policies, investment accounts and pension plan. If you don’t update and coordinate these designated beneficiaries with your will, you could inadvertently blow up your estate plan leaving assets to those you no longer intend. This month’s article discusses 3 reasons why you should do a regular review. Read the full article here: https://lnkd.in/gfSYaFw8 Blog Author: Janet Jackson, Financial Concierge™ When’s the last time you reviewed your beneficiaries? Let us know in the comments. #estateplanning #estateplan #professionalexecutor #beneficiarydesignations #wills #estatesettlement #probate #estateadministrationtax

Not coordinating your beneficiary designations on your life insurance and financial accounts with named beneficiaries in your will can derail your estate plan.

Also important to look at your TFSA: You should have a designated beneficiary. Are you able to have a successor holder? The beneficiary receives the funds tax free - and can top up their TFSA if they have contribution room. The successor holder ( a spouse or common law partner) owns the TFSA after your death so all the funds remain invested tax free.

Life insurance plays a crucial role in securing your family's financial future. Here are some key reasons why having life insurance is essential: 👉 Income Replacement: Ensure your family's financial stability by replacing your income in the event of your passing. 👉 Final Expenses Coverage: Cover funeral costs and outstanding debts, relieving your loved ones from financial burdens. 👉 Inheritance Creation: Provide a tax-free inheritance for your beneficiaries, helping them achieve their financial aspirations. 👉 Retirement Income Supplement: Accumulate cash value over time with permanent life insurance, offering an additional income source during retirement. 👉 Business Protection: Safeguard businesses from financial loss due to a key employee's passing or fund buy-sell agreements with life insurance. 👉 Peace of Mind: Rest assured knowing your loved ones will be financially secure, even if you're no longer there to provide for them. For more information call Call Mona Sharma ☎️ 416-841-2121. #LifeInsurance #LifeInsuranceMatters #ProtectYourLovedOnes #Icare #InsuranceForLife #LifeProtection #FinancialSecurity #PeaceOfMind #LifeInsuranceAwareness #GetInsured #LifeCoverage #SecureYourFuture #Areaexpert #LifeInsuranceSolutions #ProtectYourFamily #Monasharma

💡 Exploring Motivations for a Life Settlement 💡 Several factors can drive individuals to consider a life settlement. Common motivations include rising premium costs, changes in financial needs, or the realization that life insurance coverage may no longer be necessary. Additionally, significant life events such as retirement or healthcare expenses can prompt policyholders to unlock the cash value of their policies through a life settlement, providing essential funds for new priorities. Apex Settlement Group is dedicated to helping individuals navigate these motivations and explore their options in the life settlement process. Learn more 👉 https://lnkd.in/ehnFQk7e Adam Meltzer Cynthia Poveda Jayme Natal Moreno Aaron Schwartz Tzvi Frohlinger #ApexSettlementGroup #SellAPolicy #FinancialFlexibility #Policyholders #LifeSettlement #LifeSettlements #NY #NewYork

💡 Did You Know? 💡 Many people are unaware that life settlements can offer a cash payout that’s often higher than the cash surrender value of a life insurance policy! This option allows policyholders to turn an unused policy into immediate cash, which can be a lifesaver for covering expenses or funding retirement. 🔍 Consider a life settlement as a valuable financial strategy! #LifeSettlements #FinancialLiteracy #InsuranceFacts #WealthManagement #SmartInvesting

📌 Critical Estate Planning Mistake Most People Overlook Even the most detailed will can't override your beneficiary designations on life insurance, retirement accounts, or investment plans. 🚨 A true story: One man’s failure to update his life insurance beneficiary meant his ex-wife of 25 years received the payout instead of his current family. 😬 🛠️ Action Item: Review and update your beneficiary forms regularly. Protect your legacy. ✅ Watch this video for more crucial estate planning insights. #EstatePlanning #Finance #ProfessionalTips

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Happy New Year! Considering Indexed Universal Life Insurance policies (IUL) for estate planning? Here's a brief overview: An IUL policy provides market growth opportunities without direct investment. It functions as life insurance while offering lifetime benefits. Notably, it accrues cash value tied to market performance, serving as a potential retirement income source. Interested in learning more about IULs? Feel free to ask for guidance by commenting "details." #EstatePlanning #FinancialSecurity #RetirementIncome

Are your clients overlooking a potential source of retirement income? A life settlement could be the solution for unwanted or unaffordable life insurance policies. Partner with Welcome Funds for: ➡ Maximum Offers: Our auction process connects your clients with multiple buyers, maximizing their potential payout. ➡ Industry Expertise: With 24+ years of experience, our experts guide you through the life settlement process with transparency and honesty. ➡ Fiduciary Responsibility: As your fiduciary, we prioritize your client's best interests throughout the life settlement process. Let's discuss if this strategy is right for your clients. #welcomefunds #lifesettlement #financialplanning #retirementincome #seniorfinance #agents #finanicaladvisors