The Close Relation Between Estate Planning, Asset Protection and Second to Die Insurance

Wazzup Pilipinas!

All of us have to do estate planning at some stages in our lives and the earlier you do, better it will be. We all talk about estate but often do not have a clear idea of what it means. Many people usually link estates to the assets that they own which are only partially correct. Estate refers to anything you own that has a value. From cars and homes to investments, bank accounts, cash value life insurance and even personal property, stamps, knives, guns, everything belongs to your estate. All that you have amassed during your life and all that you are going to leave behind become a part of your estate.


Estate planning is essential

From the above, it becomes clear that you have to do some estate planning to ensure that you do not pass on any burden of taxes to your children. Estate planning ensures that the assets you have created with so much effort and hard work remains within the family and even passes down the generations. When doing estate planning the survivorship policy or second to die policy becomes the most talked about the tool. How you can implement the estate plan would become clear on reading this article.


Look for an insurance policy

When you die, your children and grandchildren will inherit the estate that you leave behind, and you would like to ensure that they preserve it well. However, for preserving the estate, it requires some good sum of money because it attracts estate taxes. The government allows postponement of payment of estate taxes until the time you die, and this should provide some relief to you. But, there is a corollary to it. The taxes keep accruing during your lifetime and become payable by whoever inherits it. So, you are going to the grave leaving behind your legacy together with the burden of taxes. This is when the second to die whole life insurance policy comes in handy. The policy provides the funds necessary for paying estate taxes so that the survivors who inherit the estate do not have to worry about preserving the estate.


Implementing the estate protection plan

After creating a plan for protecting the estate, you have to think about the best way of implementing it. Since you want to protect the future generations, you have to ensure that the funds accrued by the second to die policy and made available to your children on the death of your wife and you, go for payment of estate duties. Setting up an Irrevocable Life Insurance Trust (ILIT) and funding it with the survivorship policy is the most accepted practice to ensure proper utilization of the funds available from the benefits passed on to the survivors.


Assets remain protected

The trust is responsible for facilitating estate tax planning as well as asset protection because assets are included in the estate. The trust also helps to lower estate taxes as it allows the policyholders to take out money from the estate and put it into the trust. As you transfer the estate assets to an independent trust for the benefit of third parties, you automatically accomplish the task of asset protection. The creditors of the survivors who inherit the estate are thus unable to access the assets, which remain protected.


Setting up an ILIT

Take help from an estate-planning attorney to set up the trust as the attorney is the competent person for drafting an ILIT agreement. Select a trustee who should be a third party not connected to the inheritors and should act independently to uphold the directives contained in the agreement. After setting up the trust, proceed in buying the second to die policy keeping in mind that the trust has to buy the policy taken in your and your wife's name. The premium that you have to pay is routed through the trust as you gift the money the trust and the trustee use the money to pay the premium for the insurance policy. Currently, you can gift $14,000 for each beneficiary, which is the maximum that you can pay without attracting any taxes.



Things to consider

Whether or not to take the second to die policy depends on your financial standing and the value of estates that you would leave behind. As on date, the estate tax is applicable only on estates worth $5 million or more. If the estate taxes become a burden for the inheritors, then you should think about protecting them from any financial hardship. Since it is a requirement to continue with the policy after the death of anyone policyholder, you must consider the availability of funds to sustain it.

The policy ensures that funds necessary for paying taxes are available immediately on the death of the estate owners because they only get nine months time for paying it.



About the author:

Isabella Rossellini is a financial analyst who regularly writes columns for some syndicated agencies. Isabella even worked as a consultant to some financial companies. She is also a practicing accountant.

Hop On the Neo-Healthy Trend of Raw Food Binging with These Fresh New Restaurants in Greater London Area

Wazzup Pilipinas!

The newest foodie trend is both simple and rewarding. Getting a high dose of vitamins, minerals and nutrients from vegetables is only possible when they are fresh, organic and uncooked. Cooking does away with a lot of heat-sensitive vitamins. London has some joints that keep their food below 42-degrees Celsius. Superfood salads, casher cheese and cold-pressed juices top the list of "raw" food that defines London’s (non)cooking restros.

When in London, try at least one of these greater London restaurants for an authentic taste of everything healthy and natural.



Farmacy

Farmacy takes (non)cooking to a whole new level with their fine artistic presentation. They sell "clean eating" food to the people interested in healthy living. You can eat here at peace since they serve no dairy, no gluten, no sugar, no meat and no additives. It is one of those heavenly places allergy prone people usually love. Dig into an "earth bowl" stuffed with their signature, raw goodies. Their presentation draws the crowd, so book your table in advance for your share of raw health.



Malibu Kitchen at The Ned

This is a nice little patch of sunshine to the otherwise gloomy locale of Mansion House. Vegetable rolls, mango rolls doused in spicy nuts, poke bowls and zesty fresh salads make up a huge part of their must-have menu. Malibu Kitchen is nothing short of a new California experience in greater London. There is something for all kinds of food lovers, although the menu is a little partial towards vegan and veggie options.



Nama

This is one of the few restaurants that serve raw food with warmth. Their juices might be cold-pressed, but their service is warm and hearty. You will find all kinds of uncooked and fresh raw items on the menu. They have an interesting take on mainstream food including sushi, pizzas and cheese. Their sushi rice is grated kohlrabi, and their cheese comes from cashew. It is a down-to-earth place that has an art gallery vibe.


Rawlington

This Fitzrovia restaurant oozes calm and positivity. Rawlington is a vegan eatery that takes the art of garnishing seriously. Do not miss their vegan sushi, Thai-style slaw, caramel shortcake and smoothies. Rawlington has carved a space for itself in the books of the gastronomic experts of London with their Lebanese Mezze boxes and their raw items on the menu.


The Hive of Vyner St

This is an all-day cafe cum wine place in Bethnal Green that woos people with their holistic dining options and biodynamic drinking. Their organic approach and vegan lifestyle is a huge crowd magnet. The menu consists of majorly vegan and vegetarian options only. You will find tons of raw food and superfood salads to give your metabolism a thorough scrub.

The ideal way to enjoy the goodness of raw vegan dining is to end the meals with cold-pressed juices, fruit and vegetable cocktails and smoothies. Get your fill at one of these leading raw food places before they become too mainstream.

Party with Excitement on a Thames River Cruise

Wazzup Pilipinas!

December is a magical month in London when the city gears up to celebrate the biggest occasion of the year with gaiety and fun by hosting Christmas parties all around. Where and how to host the Party in 2018 is topmost in the minds of people who start preparing many days before the festive month begins. There is no dearth of venues to host Christmas Parties as the hotels and restaurants make elaborate arrangements of celebrations for entertaining guests. There is always something on offer for all. Selecting the most exciting party venue and indulging in pocket-friendly parties are what many people want, and in this respect, the river cruise parties on the Thames are truly one of its kinds. The floating parties on luxury boats promise the ultimate experience in partying that you would remember for a long time.



In search of novelty

To make the most of Christmas parties, people are keen to explore novel ways of celebrating the grand occasion at places far away from the traditional partying venues we know. In this respect, the river cruise parties offer the most offbeat venues that fulfil the desire of celebrations in a truly unique manner. For those who search for alternative ways to party with friends, families, and even office colleagues during Christmas, the cruises on the Thames hold good promise to make it one of the most memorable events of their lifetime. Partying on the Thames would make you realise that London is not only just about the buildings, restaurants and markets but there is much more than it can offer.

Join the celebrations

The most significant attraction of the Thames cruise parties is that you get the rare opportunity of exploring a new face of London as you cruise along the heart of London while enjoying the onboard celebrations. The floating parties provide a different kind of partying experience that you would find hard to compare. The sprawling deck is large enough to accommodate at least 150 people and even bigger is the lower deck that provides a luxurious setting with ample scope of entertainment. Booking a Thames Christmas cruise for lunch or dinner or participating in wild celebrations of the Christmas Clubnight party would add a new chapter in your life.


Enjoyment is just a click away

Just express your wish, and it takes just a few minutes to search for the most suitable partying package online by logging on to http://www.thamesdinnercruise.co.uk/, the website of a premier Thames cruise operator. The venue is ideal for those who not only look to celebrate in a non-traditional way but also want to avail the economic advantage of shared partying. Office parties on the Thames during Christmas is a pretty common sight as even smaller groups ( minimum six) can have access to bigger entertainment and classy food by enrolling for Thames cruise parties.

If you have not been there, hurry up to try your luck to see if you can squeeze into the already crowded place that has bookings done in advance.