How To Designate Life Insurance Beneficiaries
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- Опубліковано 31 лип 2024
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This video explores the pros and cons of designating as the beneficiaries of your life insurance: individuals; your estate; and your revocable living trust.
This video also explores who should own you life insurance, and whether it should be yourself, your revocable living trust, your beneficiaries, or an irrevocable life insurance trust for your beneficiaries.
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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
I am duly licensed, insurance and securities, and I have this conversations with my clients. I then refer them to an elder law attorney because I, as the advisor, have seen all kinds of death distributions. I love the trust. Probate is awful. I love the bloodline protection within the trust language. I love the entire thing. I often speak to agents and advisors about this and they look at me like I have three heads. I worked with an elder law attorney for years and I believe I am helping my clients protect their legacies better than most advisors/agents. Most in my field do not get to work with an attorney and learn this side of the planning process.
Sadly, every choice has some kind of risk BUT probate should never be one of them and if you educate your client, they’ll know probate is a choice. Cheers!!
Mr. Rabalais, you need a Professorship at LSU. Thanks!
could you turn on the "Caption" on your videos...thank you.
Very informative.
But dad suffered from dementia. One son used the internet and changed the LI beneficiaries from shared equally among the children to only benefit son. Son used the on-line Met-life application to make the change.
Is this electronic fraud? Theft?
Great information! Audio not so good. Echo.
Your sound is not load enough. Thanks
Thank you
Thanks for the video. Are you able to change the owner and beneficiary whenever you like?
Thanks for the videos. Just subbed. Do you not answer comment questions after your live stream?
There are good questions on your July 26, 2020 video...
I’ve enjoyed and learned a lot from your videos, thanks. Here is another option I learned after my father passed away in November 2020 followed by my mother in December. When you establish your primary and secondary beneficiaries for retirement accounts like IRAs, put both your spouse and your kids as primary. I’ve now set up my retirement accounts with 96% going to my spouse and 2% going to each of my kids. This avoids any problems should I die and then my spouse dies shortly afterwards before any updates can be made to the account beneficiaries. Otherwise that account could be sent to the estate and then you’ll have to process it through probate. What a pain for paperwork, tracking, and probate costs.
The beneficiaries do not have to report life insurance as income in first scenario. Correct? If it is set up with either of the other two examples, then would the beneficiaries have a tax liability?
How about a you tube concealment?
I think I’ve watched almost all of your videos while trying to help my 65 yr old parents navigate their trusts. Great content! However, the audio is never the best, and the past couple videos are almost inaudible due to the echoes picked up by the microphone. I am NOT an audio expert, but your lavalier microphone won’t work in the wrong environment. Your muffled voice sounds like you’re recording in a shower stall. I don’t know the solution, but maybe you can look into it. Your videos would be 10 times better with good audio!!!
Bu