dave R2 300KENTUCKY (6/9/13) – This week Dave discusses Too late for life insurance? and Is it in the will?

Dear Dave,
Is it ever too late to get life insurance? - Tiffany

Dear Tiffany,
The only time it’s really too late to get life insurance is after you’re dead! But seriously, if you’re older than 70 it becomes pretty difficult to get affordable coverage, because insurance companies figure you’ve pretty much got one foot in the grave already at that point.

You can get term life insurance pretty easily up until about age 70, and there are a few policies available past that point, depending on your health situation. But you really shouldn’t need life insurance when you’re that age and older. Hopefully, you’ve invested, saved, and set aside enough money to pay burial expenses and for a spouse—if you have one—to live on after you’re gone. - Dave

Dear Dave,
My father is terminally ill, and my two brothers and I recently had a talk with dad about his estate. He wants everything, except his house, left to us. He would like it to go to his long-time girlfriend, but it’s not written that way in the will. Should we have the will changed to reflect this desire? - Dan

Dear Dan,
I’m really sorry about your dad. I know this isn’t easy for you guys, but I’m glad you’re all working together to make things right. Yes, the will needs to be changed to reflect his wishes where the house is concerned. If he is still of sound mind and able to make that decision independently, the will should describe exactly what he wants to happen with every piece of his estate.

There is an alternative though. It’s fine if he simply wants to give her the house. But he could also leave her a life estate that says she gets the use of the home as long as she’s alive. Then, upon her death, it would revert to you. Essentially, the house would be left to you, but she would have use of it during her life.

This is a more traditional approach in these kinds of situations, but it’s your dad’s will and his estate. He can do whatever he wants. But remember, if he deeds the house to you and you give it to her, you’ll have a gift-tax situation on your hands. You don’t want to get into that mess! - Dave

* Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

 
Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

Posted on 2/2/14
3/13 - 16
3/13 - 16

Most Read This Week

July 02, 2015 15303

Emergency Response Team on Scene of Standoff on…

by Doreen Dennis, SurfKY News
July 02, 2015 7850

Police: Stand Off Suspect in Critical Condition

by Doreen Dennis, SurfKY News
June 29, 2015 4589

Accused Synthetic Marijuana Traffickers Appear in…

by Doreen Dennis, SurfKY News
July 03, 2015 3838

KMA Reminds Motorists of New Kentucky Red Light…

by David Holt
June 30, 2015 3632

Earlington Man Faces Multiple Charges after…

by SurfKY News

Most Read This Month

June 24, 2015 45784

Western Kentucky, Southern Indiana's Largest…

by Doreen Dennis, SurfKY News
July 02, 2015 15303

Emergency Response Team on Scene of Standoff on…

by Doreen Dennis, SurfKY News

Stories Trending Now

July 06, 2015 1684

Man Accused of Choking Girlfriend, Threatening to…

by SurfKY News
July 05, 2015 1551

Hopkins County Traffic Advisory

by Keith Todd
July 05, 2015 1499

More Dental Patients Using ER in Kentucky

by Al Cross
July 05, 2015 1272

4th Fest Ends with ‘a Bang’ of Music, Fireworks

by Tammy Holloway, SurfKY News
July 04, 2015 1051

Recycling Equals Fun During iRecycling Regatta

by Tammy Holloway, SurfKY News
July 05, 2015 785

Study: One Dose of HPV Vaccine Effective

by Melissa Patrick
July 05, 2015 757

Legislator's Log - Week of July 5, 2015

by Brent Yonts
July 05, 2015 734

July 4 Saturday on the Square Features Patriotic…

by Mike Groves, SurfKY News
July 06, 2015 703

Driving on Suspended License, Alleged Fleeing…

by SurfKY News