Tuesday, August 26, 2014

Billy's Special Gift

Billy’s special gift this year for his wife, Bonnie, was an estate plan.  That means he has decided to plan for the possibility that either or both of them become disabled and for what happens after either or both of their deaths. 

He and Bonnie will need to work together to decide what will work best for them.  First, they need to figure out how much they actually have after 40 years of hard work.

To do this, they need to check their bank, investment and retirement statements, plus they need to look at their life insurance policies, list the stocks they own and estimate the value of their house, vehicles and any other property they own.  When they add up the amounts, they need to include the death benefit amount on the life insurance policies.

Billy and Bonnie were surprised to learn that they are actually millionaires, technically speaking.  When they add in Billy’s $350,000 life insurance policy and the value of their 40-year home, they have over one million dollars worth of assets. 

However they are well under the $5 million plus federal government estate tax exemption and are even under the $4 million Illinois estate tax exemption.  Although it would be lovely to be richer, not being so wealthy means they can have a simpler and more flexible estate plan. 

For advice to consider how to prepare for your family’s future, call our office at (815) 436-1996 to schedule an appointment.  

© 2014 Gruber Law Office, Ltd.  

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