Ask Terry Questions my life insurance

my life insurance

By Terry Savage on March 25, 2019 | Wild Card

You indicated in your book that to avoid paying extra taxes to put insurance in someone else’s name. However, what if I need the money in case I became ill? I am up in years but so far in good health.

Terry Says

Wait, wait, wait — you are very confused!  I suggested that if you are over the ESTATE TAX LIMIT (more than $11 million this year) that you have an irrevocable trust own your life insurance, so the amount is not included in your estate.  I’m guessing that this doesn’t apply to you!

You should have money in savings to cover things that Medicare and your supplement don’t cover — which is not much these days.  However, if you need someone to come in and care for you, that could be expensive! That’s why I’ve always said women should have long term care insurance.  Too late for that now.

I know you’ve written to me before because I recognize your name, though I never post names.  I just want to make sure you have a trusted relative to help you with your financial matters.  Please write back and let me know.



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