Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84GoodLifeFamilyMag.com JULY | AUGUST 2016 39 goodADVICE Prince sang, “Life is a party, and parties weren’t meant to last,” especially when you don’t plan ahead with life insurance. Independentinsuranceexpert,BobbyDavidson, of Davidson Insurance Services in Dallas, knows all too well how a properly positioned life insurance policy could have helped in settling the estateofthemusicianPrinceandhowitcanhelpallofus. Just a little more planning could have made sure Prince’s hard-earned money wasdirectedwherehewouldhavewantedittogoandavoidedtheheadachesof theinevitablelegalissuesthataretocome. Aknowledgeableinsuranceagentcan helpyoudeterminehowtofindalifeinsurancepolicythatprotectsyourfamilyand ensuresyourwishesarecarriedoutaswell. Dying intestate, meaning without a will, certainly complicates matters, as the statewilldecide,baseduponitslaws,theorderbywhichtheheirstoPrince’sestate are determined. “This is always an ugly affair, and these estates can be tied up in court for years and sometimes decades,”Davidson says. A life insurance policy, which has proceeds paid to a trust, can ensure the funds go to heirs or charitable causes in detailed ways. “A trust and a will can work together like a road map for the estate,”according to Davidson. This will guarantee the donor that his or her intentionsareconsidered. The good news about life insurance policies is that the proceeds are generally taxfree. So,forsomeonelikePrince,apolicyinatrustcouldhaveprovidedalotof liquidity(thinkavailablecash)untiltherestoftheestateissettled. “Nootherasset cancreatetheimmediateaccesstocashthatlifeinsurancecan,”Bobbypointsout. WhilePrince’sfamilyarguesoverwhoinheritshisstudio,hishome,hisunpublished musicandmaybehiswardrobe,thosefundscanbeusedtopaytheexpensesthat continueuntilthecourtssettleitall.“Thosefundscanpayestatetaxes,buytimeas the estate goes through the probate process and prevent the forced sales of other assets,”Davidsonsays. ThePrincecasehighlightstheneedforplanningupfront—andhehadnowives or children. Another interesting high profile case is developing with BB King. He had15wivesand15orsochildren. Imaginehowthatmightplayout… For more information or to schedule a complimentary confidential consultation, contact Bobby Davidson at bobby@davidsoninsservices.com or at 972.980.4884. LIFE INSURANCE by AliciaWanek "Some estimates say that 55% of American adults do not have a will or any type of estate plan in place." 2Estateplanningcanalsoprotectpeoplefromthemselvesandothers.Forinstance,ifa20-year- old receives a multimillion dollar inheritance, it’s a fair bet that retailers and car dealerships will see a temporary spike in their business while the beneficiary spends money to the tune of “Let’s Go Crazy” or “Partyman.” More often than not, the deceased would have preferred the 20-year- old beneficiary to get an education or a house and save money for a rainy day. Trusts can help accomplish that purpose. If we put a lifetime into building a family, relationships and an estate, it’s worth a few hours of a lawyer’s time to try to ensure that they all remain intact in accordance with our wishes. For more information or to schedule a confidential legal consultation, contact Colin Smith at colinsmithlaw.com or 972.773.9095. THE TOPIC NO ONE WANTS TO TALK ABOUT