The Shapiro Report – April 2021

29 Apr    Uncategorized

This month we are focusing on two topics of financial interest: Life insurance and Estate Planning.

Converting term life insurance to permanent life insurance. We recommend that you annually review your life insurance policies. Should you want to take advantage, in the future, of converting a term policy to a permanent life insurance policy, timing is important. Most term policies offer an opportunity to convert, but they may specify a time limit on when you can do this. For more information, please click on the link below to read a very good article on this topic.

Should you need life insurance advice, the Shapiro Financial Planning Group has a deep and very strong insurance division representing over 50 major insurance companies. We work closely with underwriters to ensure that our clients get the best rates. Our focus is you: the client comes first and we are not motivated by commissions.

You worked hard to build a career and provide for your family.  Make sure they are adequately protected.  Please take some time to review with us your insurance needs.

Basic estate planning documents to have and review on a regular basis. In addition, you should alert your heirs and keep them updated on the current location of the documents listed below and how to access them.

  • Wills and trusts with the name, address, and phone number of your lawyer
  • Durable Power of Attorney
  • Health Care Directive
  • Beneficiary Designations
  • Letter ofIntent
  • Guardianship Designations
  • Life Insurance policies with your agent’s contact information
  • A living will with any final care instructions
  • A summary of your current investments: stocks and bonds
  • Retirement information: IRAs, SEPs
  • Your bank account information: savings and checking accounts

If you don’t have any of the above documents or want to update them, we would be glad to help you or point you in the right direction.

We also have several experienced and knowledgeable estate planning attorneys on our team. If you require the protection of an irrevocable trust, our legal team can provide this as well.