Insurance Education and Solutions

We have extensive knowledge in all facets of business and personal insurance.  We can help you sort it all out and be cost effective in managing risk through insurance.  We don't sell insurance but understand how to buy it smartly.

One confusing area of insurance is life insurance, both term and permanent.

Why do I need Life Insurance?    See below

Click for Checklist of Life Insurance Needs – which needs do you have? (All needs should be considered to determine total life insurance amount)

 

  Why do I need Life Insurance? - For the benefit of your loved
  ones and your peace of mind- see specific reasons below

 Payoff mortgage, other debts,  unpaid bills  Pay funeral expenses
 Pay private school and college expenses  Give family time to grieve without stress of bills
 Replace lost income of deceased  Build cash reserve for emergencies and other needs
 Provide retirement income   for spouse  Cash for partners to buyout your share of business
 Memorial or charitable donation  Cash to hire replacement and help business  operate after death of owner/executive
 Pay estate taxes  Security and peace of mind
 

Caution: Life Insurance proceeds can be subject to federal and/or state Estate Taxes if the deceased person is the owner of the policy on their own life (which makes the entire insurance proceeds includable in their estate) and their estate is large enough to be subject to estate tax. The Minnesota estate tax exemption is $1,600,000 for 2016 vs. $5,450,000 for federal estate tax purposes.  However, there is an unlimited marital deduction that allows an unlimited amount of estate assets to be passed directly to a surviving spouse without paying estate tax, but any potential estate tax is only postponed until the surviving spouse dies. When the surviving spouse dies, their estate is less likely to pay estate tax because of Federal portability, which allows a surviving spouse to use the "unused" portion of their deceased spouse's estate exemption (only if an election is made for that on the estate tax return of the first spouse to die) PLUS their own 5.45 million estate exemption. Consult a highly qualified Estate Attorney regarding ownership of any life insurance to ensure that it will be estate tax-free.

  • Life insurance, if done right, can provide a significant sum of TAX-FREE MONEY to your family to fund living expenses, college expenses, debt payoff, living expenses in retirement for your spouse, or a business buyout in the event of the death of a business owner/partner..
  • To remain objective about life insurance solutions, we do not sell life insurance and do not have any type of relationship with any life insurance company or related party.