Tradewinds November 2018 Web Opt

JIM KAIGHN INSURANCE AGENCY- HOME OF THE “INSURANCE DOCTOR”
by Jim KAIGHN, CLU,CHFC,RHU,AABA, BSBA,LUTCF
Estate Conservation vs. Estate Creation
The basic definition of ESTATE is the value of all property a person
has, minus any liabilities= Net Worth or Estate!! Usually, you hear
of an Estate when a person dies and all their possessions are looked
at either by the courts to be dispersed either by a will or by the court
itself if a person did not leave a will..All property in this manner goes
through PROBATE, where the court system figures out where property
goes.. Some property that does not go through the court system
and automatically distributed is a home that the people live in AUTO-
MATICALLY goes to the surviving spouse.. The most common property
that does not go through PROBATE, or the court system is LIFE
INSURANCE!! This is the topic of this article..It does not matter what
your age is, from 18 to 100+, all Life Insurance money (Proceeds)
goes to the beneficiary as stated in the contract that the insured person
named-- And this naming can not be challenged in court, unlike a
will which can be contested ( challenged by some family member..)
When a life insurance policy is bought, TWO ESTATE are set up
automatically.. One, the insureds worth just increased by the amount
of the life policy.. Even though the insured will never get to use this
value, his personal estate has grown by the amount of the policy and
may have ESTATE PROBLEMS later after their death,,The SECOND
estate set up is for the beneficiary.. But this value of the estate for the
beneficiary will not come into being, until the insured dies..
So, one estate grows the value of the insured’s worth and second
the value of POTENTIAL ESTATE is set for the beneficiary, even
though they might get the value of the policy one week or 60+ years
later, when the insured dies. Now, if someone is already very wealthy,
they may buy “tons” of extra life insurance to protect the value of ALL
THEY PROPERTY, MAYBE MILLIONS OF DOLLARS OF VALUE
and they want their property to go to certain people, not the government
selling their property at an auction for penny’s on the dollar..
This way the family LOSES much value.. So, the life insurance is
used to settle the estate tax problem, the surviving family gets the
full value of the property .. Now, very few people are in the category,
most of us only have a small amount of goods or property to pass on,
so they use the life insurance to CREATE an estate for their survivors..
Life insurance is a unique money tool that can do so much for
so many people for so little money.. For more info on this topic, you
can call me at 252 202 5983 or 252 335 5983 or e-mail me at “insdr
@roadrunner.com”
THOUGHT OF THE MONTH--Be careful of all the words you say and
keep them nice and sweet. You never know from day to day which
ones you will have to eat!! Until l next month-- Happy Trails
29606 Highway 64
Jamesville, North Carolina
27846
(252) 792-2666
We sell 2-sided mattresses!
Alice and Don James
djames1062@aol.com
Bringing quality mattresses
direct from the factory to YOU!
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Sat 10 am - 3 pm
Mattress Direct
Cold weather boating
by Lucille Vogel
Now that fall is finally here the air and
water temperatures are going to start to
drop and the fishing is going to get better.
This will bring many more people back out to
our waters. These are a few ways to protect
you and passengers from the effects of cold
air and cold water.
1. Take a safe boating class. The things you
will learn will keep you safe on the water year
round.
2. File a float plan. When your leaving, where
your going, and when you plan to return.
3. Always you and your passenger’s wear
your life jackets and wear them correctly.
4. Wear layered warm clothing and a warm
hat and warm shoes.
5. Ensure all safety equipment is up to date
and available.
6. Batteries are fully charged and no ice in
engine compartment and full fuel tanks.
8. Have a marine radio onboard.
9. Check local weather forecasts frequently.
8. Always put safety first. No boating and
alcohol. Always be aware.
There are more boating accidents in warm
weather but more fatalities in cold weather.
Survival rates drop in cold air and cold water.
Explain to your passenger’s about cold
weather and hypothermia.
Enjoy the bite!
Mention this ad and receive $5 off
with the purchase of $25.00 or more
112 D Currituck Commercial Drive in Moyock, NC
(Off 0f 168, Close to Food Lion)
10 Albemarle Tradewinds November 2018 albemarletradewinds.com