Using insurance in estate planning includes not only life insurance policies that increase the estate your heirs receive, but also health, home, auto and business insurance to protect the assets of your estate — including life insurance benefits — against loss to accidents, medical bills, or lawsuits.
You may have heard me mention that in business planning and estate planning it is important to preserve what you have. That’s why I always discuss having ample insurance coverage for health, business, home and auto with our business planning and estate planning clients. I cannot emphasize the importance of this enough.
How do you know if you have enough insurance? A lawyer from Stross Law Firm, P.A. is available to review your policies in a Free Initial Consultation and advise you accordingly. There’s no cost or obligation for your initial consultation. Please note, we do not sell insurance and do not receive commissions regarding insurance coverage.
Insurance for Estate Planning — What Should You Insure?
In business planning and estate planning, there are several things for which you need insurance. A lawyer from our firm can help you identify your insurance needs, but generally most individuals and businesses require insurance on the following:
Auto — Purchase enough insurance to ensure medical costs for you and your family if you are injured in an accident. Also purchase enough to cover the injuries or deaths of other drivers or passengers if you are at fault; a personal injury or wrongful death lawsuit can quickly devour the assets of your estate.
Home — Your home may be one of the biggest parts of your estate; make sure you can rebuild or repair if it gets damaged by accidents or natural phenomenon, like tornadoes and floods. In doing so, make sure that you have the available endorsements to your insurance policy so that if you have to rebuild the cost of doing so under the existing construction code will be covered.
Business Liability — If you own a business, protect your assets against injury and liability lawsuits with business liability insurance. Some businesses, especially medical and legal professionals, may need malpractice insurance as well.
Health — Medical bills can wreak havoc on the assets of an estate if there isn’t enough health insurance to cover them.
Life — In addition to increasing the estate your heirs receive, life insurance also provides resources for your spouse and/or dependent children to live on if you die unexpectedly.
If you desire further information regarding insurance and estate planning, please contact a business planning and estate planning lawyer at (813) 852-6500. Our firm provides a Free Initial Consultation with no obligation for all new clients.
You may also find useful information on insurance and estate planning on these pages of our website: