“Avoid leaving assets to minors outright. If you do, a court will appoint someone to look after the funds, a cumbersome and often expensive process. Also think about what can happen when the money reverts to the child at age 18 or 21, depending on the state.”         –The Wall Street Journal, July 6, 2011, ’Beware the Beneficiary Form”

”If the policy you have now no longer meets your needs, you may not have to replace it. You might be able to change your policy or add to it to get the coverage or benefits you now want….If you decide to replace your policy, don’t cancel your old policy until you have received the new one.” –National Association of Insurance Commissioners

“The big boo-boo that a Capital Recording vice president made in canceling that insurance policy on Nat King Cole [who died Feb. 15, 1965]: After Nat had passed all the medical tests, only a few months before he fell ill, for a $2 million insurance policy the recording company took out on his life, the Capital vice president decided it was a waste of money on the date the first premium was to be paid and cancelled the insurance.” –Jet Magazine, Feb. 18, 1965

 “Former Miami Dolphins football team co-founder Joe Robbie may have thought he had plenty of assets when he died at age 72 of respiratory failure on Jan. 7, 1990. Maybe that’s why he chose to not plan for his estate taxes. Unfortunately for his family, his estate taxes were $47 million and his family had to sell the Dolphins team to pay those taxes.”
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