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Gevurtz Menashe

PDX 503.227.1515
WA 360.823.0410

Life Insurance Planning

Estate Planning
Life insurance is a relatively easy way to provide for your family after you have passed away. With simple monthly payments, you can purchase a life insurance policy that will disburse to the named beneficiaries upon your death. Choosing the right type, and amount, of life insurance is an important piece of the estate planning process that ensures your family and loved ones are taken care of financially after your passing.

Talk to an Attorney

life insurance planning attorneys

Because life insurance can have estate tax and income tax consequences, it is important to work with an advisor to ensure you aren’t forced to pay more taxes than you should. Gevurtz Menashe’s experienced estate planning attorneys can work with your life insurance advisor to help you structure your life insurance in such a way that lowers the tax burden of the estate upon your passing.

How Does Life Insurance Work?

Like other types of insurance, life insurance provides protection for those you love in the event something should happen to you. Upon your passing, the life insurance policy will pay a benefit claim to the beneficiaries named in the policy. Because life insurance benefits are payable in cash, they are an excellent tool to use for the payment of any estate taxes owed by your estate.

Types of Life Insurance

There are many types of life insurance plans available; some can even provide benefits during your lifetime. The most common types include term life, whole life and universal life insurance. Some can be used to provide income in times of need, particularly in retirement. You might use the funds to support your lifestyle or to provide a dream vacation. Determining your life insurance needs is an important step in retirement planning.

Life Insurance and Taxes

Life insurance benefits are generally included in your taxable estate for estate tax purposes. You should consult with an attorney to ensure that the life insurance portion of your estate does not add to your beneficiaries' tax burden. Estate planning lawyers who are experienced with estate and other tax laws can help you structure your estate to protect your assets. Gevurtz Menashe estate planning attorneys can work with you your insurance advisor to select the best policies for you and your loved ones. 

Contact Us to Learn More About Life Insurance Planning

Our estate planning attorneys are experienced in  structuring your life insurance policies to fit your financial health. Give us a call today. We can help. Our Portland offices can be reached at 503-227-1515, or Vancouver at 360-823-0410. You may also contact us online anytime. 

Call our Portland, OR offices at: 503-227-1515
and our Vancouver, WA office at 360-823-0410
or contact us to request a consultation.