In other Whitney news, the hotel room where she suddenly died has been stripped to keep looters from making quick cash. Everything from bed sheets, towels and even trash has ben removed from the room. It will supposedly be disposed of discreetly. [TMZ]

Could it be too early to auction off Whitney Houston items? A black velvet dress and earrings she wore during the Bodyguard will go to the highest bidder next month. The auction is expected to bring in a pretty penny.

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My first policy was a $250,000 30 year term life insurance policy and I thought that was plenty. It was not until we had our first son that I quickly realized that was not nearly enough.

After his birth, I decided to increase it substantially. That was over two years ago. With us in the process of building our first home and a second son on the way, I’m left wondering even with that increase if I really have bought enough life insurance.

Update: We now have our third son and I have increased the amount of life insurance I have on myself. Check the end of the post to find what I’ve increased my term life insurance to and my rationale.

I know many struggle with this same decision so I wanted to shed some light how much life insurance is enough.
First things first, life insurance is for one purpose: income replacement. While there are times where life insurance can aid in more complex estate planning strategies, a majority of the time it’s purchased to take care of your family once you’re gone. My reasoning for purchasing life insurance is that I want to leave my wife and kids without any debt and the ability for my wife to not worry about finances in the event of my unexpected passing.

In the world of life insurance, there are plenty of excellent sources available to both new and experienced purchasers alike. There are several online stores, at the-strategy guides, audiobooks, and other sources on the market. This set of tips includes some of the finest assistance for assisting you buy the most effective policy for you and your family group.

Calculate the number of a life insurance policy that youll want all on your own. The company you might be paying for with will number this out in your, but they will grant you overpriced numbers. The a lesser amount of you purchase, the less youll pay, so urged that you create a practical amount. Consider the kinds of term life insurance available for sale prior to making a choice on which to purchase. Most insurance policies concentrate on Term Life or Complete Lifestyle and knowing the real difference is vital. Be aware that with both of these types of routine, they can be designed to your specific would like and circumstances. Do your research.

Once you have your life insurance coverage in place, be sure that all these influenced by the policy have an understanding of it. Supply the successor with the information on amount insured, in which the routine documents is located and the contact details for just a personal financial agent they will certainly contact to generate a profess once the might need arises. Life insurance policies are more cost effective the quicker they are begun. Even design no one that GREAT SITE immediately hinges on your earnings, if what situation is inclined many years in the future, then term life insurance is something you should look at. For example, if you dont have children thus far but anticipate to have a kid only one daytime, investing in a life insurance policy now will be more affordable than investing later.

Dont purchase more life insurance coverage than you really might need. You want to ” invest ” in just enough to ones households would like. Paying excessive a life insurance policy means that you land acquiring a good deal more in premiums. Be sure, still, that you do not skimp over your insurance coverage and end up receiving a policy that wont existing to get your family unit.

Really dont purchase a lot more life insurance coverage than is critical to get your familys would like. The higher your coverage is, the larger your premiums is certainly. 1 million buck insurance policy sounds nice, but chances are youll never Best Site even need to funds it out. Conserve on your the price and just pick a policy that addresses your needs.

If you are even on a restricted spending budget or if you have made medical concerns that prevent you from getting common life insurance coverage, you can sign up to term life insurance coverage. Its very simple to meet the criteria for term life insurance insurance protection and your monthly installments needs tiny. You are still attaining good protection with term life insurance insurance coverage.

1. Waiver of premium. This feature pays the premium of a policy if a serious illness or injury causes the policyholder to become disabled.

2. Accelerated death benefit. This feature allows policyholders to receive cash advances against the death benefit of their policies if they’re diagnosed with a terminal illness. Many people with this benefit use the money to help pay for treatment and other expenses when they have only a short time to live.

3. Guaranteed purchase option. With this feature, policyholders can purchase coverage at designated future dates or life events without proving they’re in good health.

4. Long-term care riders. Some life products include this option, which allows individuals to use the benefits of their policies to pay for long-term care in exchange for a reduced life benefit.

5. Spouse or child term riders. Life policies with this feature allow policyholders to purchase term life insurance for their spouses or dependent children, up to age 26. This option can be a more affordable way to purchase coverage for those who can’t afford separate policies.

6. Cash value plans. This type of policy pays out upon a policyholder’s death and also accumulates value during their lifetime. Individuals can use the cash value as a fund from which they can borrow and use to pay the policy premiums later.

7. Mortgage protection. Some term life plans are designed to provide mortgage protection for homeowners, typically paying a decreasing benefit that corresponds to the outstanding balance of the mortgage.

8. Cash withdrawals and loans. Many universal and whole life policies allow policyholders to withdraw or borrow money, using the cash value of the policy as collateral. Interest rates tend to be relatively low. Individuals can also use the cash value of their life policies to pay their premiums if they need or want to stop paying premiums for a period of time. Policyholders must pay back the loan, or your beneficiaries will receive a reduced death benefit.

9. Survivor support services. Some life policies offer services that provide objective financial and legal assistance to beneficiaries.

10. Employee assistance programs. This feature makes resources available to policyholders when they have problems that can affect their personal and professional lives. Resources are usually free and help address issues such as substance abuse, stress, marital problems, legal concerns and major life events.

Advantages of voluntary

LIMRA research shows that 57% of people who are under-insured prefer to buy life insurance face to face. And 18% of them prefer to purchase at the workplace.2 Voluntary life insurance can be an important part of a company benefits package and can help meet the needs of employers and employees. This coverage can be sold as a complement to company-provided life insurance or as a standalone offering. Because it’s typically employee-paid, voluntary benefits allow employers to expand their benefits packages at little to no additional cost. Some other features of voluntary coverage include:

• Portability. With individual policies, the employee, not the employer, owns the policy, which means workers can keep their policies if they leave their jobs.

• Simplified underwriting. Both guaranteed issue (no health questions for underwriting) and simplified issue (minimal health questions for underwriting) are available, if participation and eligibility guidelines are met.

• Variety of life insurance plans. Employees now have choices in plans to meet their individual needs when it comes to protecting their families and building cash value.

Voluntary life coverage, when offered in conjunction with one-to-one benefits counseling sessions, can be an especially effective combination in an employee benefits plan. In fact, almost 60% of employers believe one-to-one benefits counseling sessions can strongly improve employees’ understanding of their benefits and their coverage needs. And 55% of employers rely solely on this type of benefits communication and education method.3 Companies that work with insurers to improve benefits education can boost participation in their programs, which helps ensure employees have the coverage they need to protect their families and their lifestyles.

Like the late Michael Jackson, Houston was in the midst of an attempted career revival. She was found dead at age 48 on Saturday in her Los Angeles hotel room on the eve of the Grammys, a stage she once ruled.

It could be weeks before the coroner’s office completes toxicology tests that could establish the cause of death.

In an outpouring of grief – and a desire to remember her soaring voice and upbeat personality – Houston’s fans have propelled her decades-old recordings to the top of sales charts on iTunes and Amazon.com. Twitter recorded more than 2.5 million Tweets about her within two hours of her death.

Not unlike Jackson’s posthumous star turn in the movie “This Is It,” Houston will star in a film that is set for release this fall. In addition, dozens of t he six-time Grammy-winner’s unreleased recordings may someday be released to a public grieving her loss.

“It really is a finite universe of celebrities that are able to transcend their own death to create commercial opportunities,” said David Reeder, vice president at GreenLight, a subsidiary of Corbis Images that helps license the images and work of late icons such as Albert Einstein and Johnny Cash. “People want to remember her back in 1986 at her peak, when nobody was doing it better than she was.”

As a former model who crossed racial barriers, Houston’s image might find a home with a fashion brand, much like Elizabeth Taylor, who continues to grace fragrances, or Audrey Hepburn, who has been given numerous tributes by clothing companies long after her passing.

If Houston breaks into Forbes’ list of top-earning dead celebrities in 2012, she will likely get in “towards the bottom end” with single-digit millions of dollars, Reeder said. Michael Jackson domi nated the list in 2010 and 2011, after his death three years ago.

Mark Roesler, chief executive of CMG Worldwide, a company that collects licensing revenue for the estates of Marilyn Monroe, James Dean and others, said fans will be looking to fill the hole Houston left behind on the eve of music’s biggest night.

“For all those reasons, it creates a situation where people feel like something’s been taken away from them,” he said.

There are no signs that Houston made savvy investments like “the gloved one.” Jackson had a 50 percent stake of one of the world’s largest music publishing catalogs, Sony/ATV. Houston was known for her voice, but not for songwriting, which can generate lucrative revenue from years of radio play.

Consider that many of her top-selling songs were written by others. “I Will Always Love You” was a song that Dolly Parton wrote and sang in 1974. “I Wanna Dance With Somebody” (1987) was written by George Merrill and Shannon Rubicam and “Didn’t We Almost Have It All” (1987) was written by Michael Masser and Will Jennings, according to the National Music Publishers Association.

Houston’s image took a hit after her appearances in the Bravo reality TV show “Being Bobby Brown” in 2005. To many, the documentary series with her ex-husband was a cautionary tale about a drug-fueled lifestyle that damaged her voice and ruined her career.

A hard-partying existence contributed to her failure to fulfill a $100 million recording deal she signed with Arista, now part of Sony Music Entertainment, in 2001. At the time she was reported to have owed the label six new albums and two greatest hits compilations. Since then, only four have come out, including a greatest hits collection that was not released in the United States.

It’s unclear if any posthumous releases would be part of that recording deal or if the agreement is still in force. A spokeswoman for Sony Music and for her longtime producer, Clive Dav is, declined to comment. Houston’s publicist did not respond to requests for comment.

Lawyer Bryan Blaney, who represented Houston in a recent fight with her stepmother over the proceeds of a $1 million life insurance policy she took out on her father, said he did not handle her financial affairs. He said that if the singer did not have a will, the proceeds of any continuing revenues would go to her 18-year-old daughter, Bobbi Kristina Brown.

Whatever the case, as the remembrances of Houston continue, her estate will likely be flush with a stream of money that had slowed to a trickle in recent years.

Although she sold 22.6 million albums in the U.S. in her lifetime – half of those through the best-selling 1992 soundtrack to “The Bodyguard” – her latest release, “I Look To You,” sold just 978,000 since its debut in 2009, according to Nielsen SoundScan.

It’s not clear whether Houston had debts, but she lost homes in New Jersey and Georgia to foreclosure several years ago, and some reports said she had recently tried to borrow small amounts of money from friends.

Renewed interest in Houston may continue for some time.

Later this year, the singer will appear in the film, “Sparkle,” in which she plays a mother concerned about the influence of fame and drugs on her three daughters, who form a singing group.

Houston sings a gospel song on camera and a duet with co-star Jordin Sparks over the credits in the film, which began shooting in October. The movie and a soundtrack are set for wide release in August through Sony Corp.’s TriStar Pictures.

“She was on top of her game,” said executive producer Howard Rosenman, who saw a rough cut of the movie on Friday, a day before the singer’s death. “She was really coming back.”

Dr. Joan Schaefer, chief medical officer of Nebraska’s Health and Human Services System, learned she was in the early stages of a rare developmental liver disease called congenital hepatic fibrosis due to the lab results of a simple life insurance medical exam. At the time of the discovery, she had otherwise believed she was healthy and was in the middle of training for a marathon. In 2008, Schaefer underwent an emergency liver transplant to correct the condition.

From a paramedical examiner’s standpoint, it is very common to come across a client who did not know there was a problem with their health until they saw the results of the examination.

For small estates, the amount of applicable exclusion ($2 million per person per estate), death taxes are not a significant consideration. For this reason, insurance ownership as a tax-savings device is not critical. The main item that policy owners should be aware of is to ensure that the beneficiaries are well provided for by the chosen insurance policy.

For larger estates with more assets than the amount of the applicable exclusion of $2 million, life insurance is an essential component of the estate plan.

Tax Implications of Life Insurance and Your Estate
Proceeds from life insurance that are received by the beneficiaries upon the death of the insured are generally income tax-free. However, there are three circumstances that cause life insurance to be included in the decedent’s estate:

The proceeds are paid to the executor of the decedent’s estate.
The decedent at death possessed an incident of ownership in the policy.
There is a transfer of ownership within three years of death (three-year rule must be observed).

An incident of ownership includes the right to assign, to terminate, to name beneficiaries, to change beneficiaries and to borrow against the cash reserves.

Planning Objectives for Insurance
Life insurance has many uses in an estate plan, including estate liquidity, debt repayment, income replacement and wealth accumulation. There are many different types of policies to consider, at different price levels, which are beyond the scope of this article. Policies can be owned in many ways, as outlined below. (To read more about different types of available life insurance, check out Buying Life Insurance: Term Versus Permanent, Permanent Life Policies: Whole Vs. Universal and Variable Vs. Variable Universal Life Insurance.)

Types of Insurance
First-to-Die Life Insurance Policy
Also known as joint whole life insurance, this is a group insurance policy where benefits are paid out to the surviving insured upon the death of one of the insured group members. The insurance policy can be designed as either a whole life or universal life policy. A first-to-die policy can reduce taxes upon the death of the first spouse if the unlimited marital deduction is not fully used.

Survivorship Life Insurance Policy
Survivorship life insurance, also know as second-to-die, is similar to joint life in that the policy insures two or more people. However, survivorship life pays out upon the last death instead of the first one. Because the benefit is not paid until the last insured dies, the life expectancy is greater and therefore the premium is lower. Survivorship policies are typically either whole or universal life policies and are usually written to insure husband and wife or a parent and child.

The proceeds of the policy can be used to cover estate taxes, to provide for heirs or to make a charitable contribution. The premium on a second-to-die policy is generally lower than for separate policies because the premium is based on a joint age and the insurance company’s administrative expenses are lower with one policy.

Types of Life Insurance Trust Arrangements
Revocable Life Insurance Trust
In this arrangement the grantor names the trust as beneficiary of life insurance policies, retaining the right to revoke the trust and other rights of ownership.

This is often recommended for younger families with relatively modest assets but substantial life insurance policies.

Irrevocable Life Insurance Trust
The purpose of this arrangement is to exclude life insurance proceeds from the estate of the first spouse to die and from the estate of the surviving spouse. The spouse may be the life income beneficiary, but may not have any right to or power over trust principal except per the discretion of the trustees.

Ownership Considerations
The big question with regard to insurance in estate planning is who should own the policy. The following are some advantages and disadvantages of ownership scenarios:

If a life insurance policy is owned by the insured, the advantage is that he has continued control of the policy and any ownership in the associated cash values of a permanent policy. However, the death benefit of this policy would be subject to estate tax and the three-year inclusion would apply if it’s transferred out of the estate.
If the spouse of the insured owns the policy, you could argue that the insured does have some indirect control of the policy and any associated cash value. The downside is that the replacement cost of the policy would be included in the estate of the spouse, and if the spouse dies before the insured, it’s possible that the policy might revert to the insured and be included in his or her estate.
If the children of the insured owned the policy, the advantage is that the death benefit would be included in the children’s estate, not the parent’s. But here again, the insured has zero control over the policy, and if the children are minors it would require the costly appointment of legal guardians before benefits can be paid.
The policy might also be owned by a revocable trust, where the insured might still control the policy and the death proceeds are shielded from potential creditors of the insured. But, because the insured has an incident of ownership through the revocable trust, the death benefit is indeclinable in the insured’s gross estate and could be accessible to the estate’s creditors.
If the policy is instead owned by an irrevocable trust as mentioned above, there is no inclusion in the gross estate, and there is an embedded mechanism via the trust language for continuation of the policy if the insured becomes incompetent. The downside is that the insured does not regain any control over the policy and cannot revoke the trust.

(Read Shifting Life Insurance Ownership to find out how to reduce your taxable estate and leave more to your heirs.)

Naming Beneficiaries for Life Insurance
If an individual is named as beneficiary of a policy, while cheap to execute since a trust was not used, it could lead to some challenges. The biggest problem with this strategy is that the decedent cannot exert any control over the death proceeds. The individual that inherits the death benefits can use the money for any reason, even if the money was earmarked to pay estate taxes or settlement costs. If the beneficiary is a minor, the challenges will likely escalate.

If an estate is named beneficiary of the policy, the death benefits are indeclinable in the decedent’s gross estate and are subject to the claims of the estate’s creditors, and this will no doubt increase probate costs. If, however, the beneficiary is an irrevocable trust, the trustee can be given broad powers to distribute or withhold benefits available to the insured’s estate, the assets are protected from creditors and oversight of the trust’s assets can be assigned to professional money managers.

Individuals should consult an experienced financial planner to determine their needs for life insurance and the types of policies that are suitable for their estate planning needs.