From the Horse's Mouth: Protecting Your (Furry) Dependents

"What will happen to us when you're gone?"

The following conversation could happen between you and your children, or other dependents, and even with your pets...if they could talk.  

For now, we'll have to let Mr. Ed speak for them all.

Talk with a legal adviser to set up the proper trust document, that way when your life insurance pays out, the money is legally spent to protect and provide for your children, spouse, parents, grandchildren, and yes, pets, as you see fit.  Otherwise, they spend it as they wish.

A will doesn't quite to it right.

Then talk with a Farmers Insurance Professional like myself to set up the life insurance funding (with the right beneficiaries) for those trust agreements.

Kevin Tuckey

3675 Ruffin Rd.

Ste 220

San Diego, Ca  92123

(858) 751-1357

California License #: 0B72553

Some of our other pet related blogs:
Home Safety: Make Your Yard a "No-Bite" Zone This Summer.
Make Pet Micro-chipping a Part of Disaster Preparedness.

Benefits for those who take in Rescue Dogs.  Includes info on "pet trusts".

Other life Insurance themed blogs:
Charitable Giving with Life Insurance.
Life Insurance is Income Protection.
Remembering your Church with Estate Planning.
The greatest need: Single Parents.
Families with Special Needs Children.
British Royal Marine spends a message with his life insurance.
Advanced LUTCF Training for Platinum Elite Team Members.
Life Insurance Awareness Month & Lamar Odom.
The Romance-O-Meter: Insure Your Love.


* The content of this blog is for informative purposes only. It does not reflect official standing of any agent, agency, or companies mentioned on the blog. Nor is this blog necessarily an endorsement. Please consult with your insurance, tax, or legal specialist before making any decisions. This blog is purely meant to spark the thought process.

Charitable Estate Planning Seminar Open to the Community

Addendum (2/27/12):  Here are a few bits of info, or ideas, I picked up at the Estate Planning Seminar from below.

1.  Have you remembered to include your favorite school, church, or charity as an additional beneficiary on your life insurance?  You can leave them a set amount, or a percentage.  Like your family, you can still support them after your passing.

2.  Did you know you can add a "preamble" to the beginning of your will to be read to those who attend the reading?  It's a way to make a final state of love to your family, an expression of your faith, or give final instructions.

3.  Five documents you should complete before you become sick or disabled, or pass away.

     a.  Your Will

     b.  A Will with a Revocable Living Trust  -  helps avoid probate and the trust allows you to leave instructions on how to support your family, school, or church.

     c.  Durable Power of Attorney for Financial Matters

     d.  Power of Attorney for Health Care / Advanced Directive

     e.  HIPAA Release  -  Designates someone to control your medical info & records if you cannot.  Dr's and hospitals are more and more hesitant to give out medical info in fear of violating HIPAA guidelines.

As always, consult with a legal professional on how to complete these steps if interested.  This article is in no ways is a complete guide on all the consideration you need to take in matters of estate planning.

Originally Published 2/24/12

Ever wanted to support your favorite church or charity to a greater extent than you already are?

Do you want your good works to live beyond your years?

How about tax benefits for doing the right thing?

Want advice so you do it right?

My church is holding a free Estate Planning Seminar open to the community.  While it uses Christian based teachings as it's foundation, the tax and financial based rules apply to any family or charitable situation, just a different beneficiary.


What:   Christian Estate Planning Seminar

When:   Sunday, February 26, 2012, 9:15am - 10:15am

Who:     Rev. Rich Kogler, WELS Ministry of Planned Giving Counselor, will be leading this Christian estate planning seminar in between our usual services.  

Why:  If you always wondered about such things, and would like to be more informed, attend and get some questions answered.  Everyone's welcome.  All ages would benefit from this seminar. 

Where:   Risen Savior Lutheran Church, 625 Otay Lakes Rd., Chula Vista,  Ca  91913
(click HERE for facebook page)

Charitable Giving with Life Insurance

Americans are generous people and many regularly contribute to charities and non-profit organizations. People choose to give to charities for many reasons, most of them personal. Often, however, charitable giving provides help to those less fortunate than ourselves. Life insurance can be a particularly versatile and valuable asset to help you give to your favorite charity because it may help you make a more substantial contribution than might otherwise be able to afford. 

There are several methods for including life insurance in a charitable gift plan, some more complicated than others and each with its own potential advantages, disadvantages and tax implications. Keep in mind: The gifting technique appropriate for you depends on the size of your estate, the make-up of your assets, your current estate plan and a number of other factors. Consult your tax advisor before proceeding. 

Here are two of the more popular life insurance gifting techniques: 

1.  Gifting or donating a policy — Many people find that their life insurance needs decrease over time. If you have more life insurance than you expect to need, you may want to consider donating a policy to a charity. Gifting or donating a life insurance policy can greatly reduce the donor's taxable estate which can save thousands of dollars in estate taxes for upper-income taxpayers. 

In order to realize the full benefit of this gift, you must make sure that you retain no "incidents of ownership." For example, you must actually deliver the policy into the possession of the charity, and you must assign all rights in the policy to the charity, making it the owner of the policy as well as its beneficiary and giving it sole control over the policy's cash value. Discuss this gifting technique with your tax advisor so you can decide if this approach is appropriate for you. 

2.  Naming a charity as beneficiary — Naming the charity of your choice as the beneficiary of your life insurance policy may be the simplest way to provide the charity with the death proceeds of a life policy. You simply pay your monthly premiums and, upon your death, the full face value of your policy is contributed to that organization as a charitable gift. Again, consult with your tax advisor before proceeding to be sure you understand this approach to gifting. 

A lasting legacy 

When you gift a policy outright or name a charity as beneficiary, you can provide the charity of your choice with a large sum of money that can help to provide a lasting legacy for a cause that you believe in. 

For more information on the use of life insurance as a gifting tool speak with your tax or legal advisor. If you decide to purchase a life insurance policy please call me — I can work with you so you are sure that you have the coverage you want. 

This material is for general informational purposes only and is not legal or tax advice. The material may not reflect your particular circumstances. Please consult your tax or legal advisors for advice specific to your situation. 

Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040.

end of article

source: Farmers Insurance

Other life Insurance themed blogs:

The greatest need: Single Parents

Families with Special Needs Children

British Royal Marine spends a message with his life insurance

Advanced LUTCF Training for Platinum Elite Team Members

Life Insurance Awareness Month

The Romance-O-Meter: Insure Your Love

"We Are Farmers!"

Always make sure your auto, fire (home, condo, & renters), earthquake, flood, umbrella, and life insurances all properly work together to protect your home, your business, your family, your future.

Members of the Platinum Elite Team:

Susanne Romo

Chula Vista & Kearny Mesa

License #: 0720743

(858) 751-0956

Araceli De La Torre

Kearny Mesa 

License #: 0G17321

(858) 751-0956

Kevin Tuckey

Mission Valley

License #: 0B72553

(858) 751-1357

Tony Gutierrez

La Jolla 

License #: 0A87116

(858) 751-0956

We use an investigative and educational process to ascertain your current risk exposure and deliver to you through our 'Value Insurance Proposal' (VIP) the correct levels of coverage at the right price without compromising vital coverages. You need to protect your family and the assets you have spent a lifetime acquiring.

With the Platinum Elite, there is a difference.  Discover:

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* The content of this blog is for informative purposes only. It does not reflect official standing of any agent, agency, or company mentioned on the blog. Nor is this blog necessarily an endorsement. Please consult with your insurance, tax, or legal specialist before making any decisions. This blog is purely meant to spark the thought process.