The insurance industry also includes a number
of independent organizations that provide a wide array of insurance-related services to carriers and their
clients. One such service is the processing of claims forms for medical practitioners. Other services include
loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to
investigate accidents and claims for property damage and to assign a dollar estimate to the
Other organizations in the industry are formed
by groups of insurance companies, to perform functions that would result in a duplication of effort if each
company carried them out individually. For example, service organizations are supported by insurance companies
to provide loss statistics, which the companies use to set their rates.
Planning your estate is to distribute your
assets according to your wishes after your death. Successful estate planning transfers your assets to your
beneficiaries quickly and usually with minimal tax consequences. The process of estate planning includes
inventorying your assets and making a will and/or establishing a trust, often with an emphasis on minimizing
taxes. This pamphlet provides only a general overview of estate planning. You should consult an attorney, or
perhaps a CPA or tax advisor for additional guidance.
Do I Need to
You may think estate planning is only for the
wealthy. If your assets are worth $1,000,000 or more, estate planning may benefit your heirs. That's because
generally taxable estates worth in excess of the amounts in the chart below may be subject to federal estate
taxes, with rates as high as 45% to 50% of the taxable estate.
Adding up the value of your assets can be an
eye-opening experience. By the time you account for your home, investments, retirement savings and life
insurance policies you own, you may find your estate in the taxable category.
Even if your estate is not likely to be subject
to federal estate taxes, estate planning may be necessary to be sure your intentions for disposition of your
assets are carried out.
HIGHEST ESTATE TAX