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Aspen Office
400 East Main Street
Aspen, CO 81611

Carbondale Office
0326 Hwy 133, Suite 200
Carbondale, CO 81623

Time for a Life Insurance Checkup

Whether you own a life insurance policy for your family, your business holds a policy on an employee or owner/employee, or you are the trustee of a life insurance trust, there are numerous reasons to have your life insurance plan and policy reviewed periodically. In addition to changes in your personal, business or financial circumstances, external changes, such as tax laws, create the need to reassess your policies as well as redefine your goals and objectives.

Please see the below information and contact us if you would like to review your current life insurance plan and policies.

Family Policy

Reviewing your life insurance policy regularly can help ensure that you are receiving the best results possible. Here are some questions to consider:

• How is the financial health of your insurance carrier?

• Are there ways to decrease premiums and increase payouts? For example, significant changes in health, family or economic situation.

• Are you sure you are complying with the tax filing and disclosure requirements necessary to avoid negative tax consequences in the future?

Business Policy

Generally, any business holding a life insurance policy on an employee or owner/employee must file Form 8925. If you do not properly disclose, the proceeds at death may be taxable when they otherwise might not be.

Trustee of a Trust

One issue that is often overlooked is “fiduciary responsibility” as it relates to life insurance. If you are the trustee of a life insurance trust, you are obligated to monitor the policy regularly to ensure that it is performing well. Essentially, as the trustee you should be managing the trust's life insurance policy as you would any other investment asset.

By establishing a life insurance review strategy, one can gain peace of mind that they are maximizing the performance opportunities available through life insurance, as well as fulfilling legal responsibilities. We look forward to hearing from you.

Reese Henry & Company, Inc.
400 East Main Street Aspen, CO 81611
970.925 3771

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