Team photo
Centuria Financial Group

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David P. McCabe,

WMCP®, ChFC®, CLU®

Financial Planner

david.mccabe@prudential.com

 

Nathaniel D. High, RICP®

Financial Planner

nathaniel.high@prudential.com

 

Nicholas J. Over, CFP®

Financial Planner

nicholas.over@prudential.com

 

Sara E. Martin

Client Relations Manager

sara.martin@prudential.com

 

Jennifer A. McCabe

Client Relations Specialist

jennifer.mccabe@prudential.com

 

Centuria Financial Group

2333 Baltimore Blvd Suite B

Finksburg, MD 21048

 

Phone:  443-952-7232

January/February 2023

Claiming Life Insurance Benefits

Claiming Life Insurance Benefits

If one of your estate planning goals is to ensure assets remain in your family, an inheritance trust may be an option to consider. Leaving assets in a trust allows your children to keep inherited assets separate from marital assets and protects assets from creditors during financial hardship.


How It Works
The assets in the trust benefit you during your lifetime and then pass to separate trusts for each of your children upon your death or the deaths of you and your spouse. You remain the trustee until your death. Successor trustees can be your spouse, your children, or a trust company to ensure that no one outside the family has access to the trust assets.


You can transfer assets to the trust throughout your lifetime, and you’ll be able to name a beneficiary — often a grandchild — to receive any assets remaining in the trust when your child dies. You can also appoint a trustee, possibly from among your other children, to manage the assets for a minor grandchild at the death of a parent.


Limited Powers
As trustee, your child has limited power to change the trust’s beneficiary. However, the new beneficiary must be another one of his or her children or another one of your children or grandchildren. If your child dies without children, the trust can direct unused assets to be divided among your remaining blood relatives, including the deceased child’s siblings or your other grandchildren.


Keep It in the Family
An inheritance trust can protect valuable assets from accidentally slipping away from your family.


As an example, suppose you own a lake house that’s been in your family for a couple of generations. Assets that pass through an inheritance trust are not considered joint marital assets and, therefore, are protected if your child and a spouse divorce. The lake house stays with your blood relatives, since any assets remaining in the trust are distributed to your grandchildren or your other children when your child dies.


Your financial and estate planning professional can help you determine if an inheritance trust could complement your estate plans.

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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
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