Chae Law's Podcast

What do the 1944 movie Double Indemnity and the 1949 play Death of a Salesman have to do with Life insurance and Estate Planning?

Life insurance is a very important tool to have as part of your overall estate plan.  It is relatively inexpensive compared to the payout your beneficiaries will receive.  Your beneficiaries can also receive the money quickly compared to the slow arduous process of probate.  So life insurance bypasses the will.   In choosing Life insurance, carefully consider your short and long term needs against resources you already have such as savings, pensions and other benefits.  The difference will be the estimated amount of life insurance you would need.   Term insurance is also available.  Term insurance covers a specified number of years instead of your entire life.  This is beneficial for young people looking to start a business and trying to secure a loan with a bank.  Often times a bank will require you to get term insurance before they advance capital to you.   Consider the the following major areas when estimating life insurance: 1) costs of death 2) lost income 3)grief fund 4)educational expense 5)mortgage ca

Jack and Jill have children from previous marriages.  Jack and Jill are newlyweds and they purchase a house together taking title under a joint tenancy with the right of survivorship essentially making them co-owners.   Jill has a daughter Samantha from the previous marriage.  Samantha is married to her husband and they live in a tiny apartment.  Jack has children from his previous marriage and they all own houses and are all doing very well financially.   Jack and Jill decide to remake their wills.  The intent was that if Jack and Jill died the house will go to Samantha and the remaining assets would go to Jack's children.   What happened when Jill died first? 

What is Estate Planning? For many, the notion scares them or the topic seems so dry.  It is unfortunate that many people have an aversion to Estate Planning.  Because after all this is about your loved ones and providing for your loved ones.  

What do Tupac Shakur, Bob Marley, Prince, Jimi Hendrix and Amy Winehouse all have in common?    

Do I need a Will?   Many people don't want to think about death until it is too late.  What people fail to realize is that there is still a plan in place for you courtesy of Uncle Sam (your government, courts) in other words the State under One-size-fits all standard in determining which heirs would inherit your estate.   Do you want the State in control or Do you want to be in control?