GREAT FALLS BPA FEATURED ARTICLE:

Sponsored by Stephen Dulaney from State Farm Insurance.

www.gstephendulaney.com

Estate Planning and The Role Life Insurance Plays

Estate Planning involves developing a “plan” that will accomplish the goals and objectives of the estate owner while living and at death. These goals
and objectives could include:

• Providing cash payment of estate expenses including federal estate tax.
• Providing income to family members after the estate owner’s death.
• Providing for the disposition of a business at death.
• Distributing assets to family members and other heirs with the least amount of shrinkage possible.

It is an ongoing process that involves the creation, conservation, and distribution of property. The “plan”could be as simple as having a will or could require the use of life insurance, trusts, business continuation plans, or charitable arrangements.

Life insurance is an instant estate builder. Proceeds of the life insurance
can provide liquidity at the insured’s death for:

      1. the payment of taxes and other transfer expenses.
      2. satisfaction of debt, and
      3. income to surviving family members

Other advantages of life insurance:

   • If a policy has named beneficiaries, other than the estate, the proceeds will go directly to those beneficiaries without being subject to probate.
   • Proceeds pass to beneficiaries generally free of federal income tax.
   • If someone other than the insured or an irrevocable trust owns the policy, and the insured possessed no incidents of ownership and the policy is not payable to the insured’s estate, the proceeds will not be included in the insured’s gross estate for estate tax purposes.
   • Benefits are available immediately and may be used to help pay such expenses as final illness and funeral costs, eliminating the need to sell estate assets to cover these costs.

Other uses of life insurance in estate planning include:

   • Provide education funds for children and grandchildren
  • Equalization of inheritance (life insurance may be left to those heirs who do not wish to receive a part of the family business or farm, for example)
  • Funding of business continuation plans
  • Funding charitable gifts

Our State Farm Insurance Agency’s mission is to help our clients manage the risks of everyday life, recover from the unexpected and realize their dreams. Our office team (Kim, Julie, Rebecca and I) make it our business
to be like a good neighbor, bringing our diverse talents and backgrounds to the work of serving you our State Farm clients. Our vision of the future is
to be your first and best choice in the products and services we provide. We will continue to be a leader in the insurance industry by letting your needs determine our path.

Kim Dulaney, my wife, and our office administrator, w/ 26 (twenty six) years in the agency, grew up in Johnstown, Pa. (flood town…where strong family values are the center piece of everyday life)….Kim’s nickname is “Radar”…need I say more..smile!!

Julie Stanford, our Senior Office Representative, w/ 18 (eighteen) years w/ State Farm, (Ca., TX and Va.) was raised in Augusta, Kansas…where she learned a strong work ethic.

Rebecca Canalichio, our staff assistant, w/ 9 (nine) years w/ State Farm…grew up in a military family…traveled all over the states....her’s is the voice you hear at our office…after hours.

And me…a native Washingtonian, graduated from George Mason University, visited Great Falls Park as a youngster…never expecting to one day have a business here. As your local neighbor…have remained active in our business community. Specialize in Estate, Business and Retirement Planning.

The standard of our success will eventually be measured by the service we provide. That is why our ad says “Like a Good Neighbor, State Farm is there!” It’s a philosophy we embrace and try to live every day. For us,
Good Neighbor Service means that when we are needed we do what we’ve promised.

Our founder, George Jacob Mecherle, in 1922 was a retired farmer and insurance salesman. His philosophy of insurance coverage at a fair price, coupled with fair claim settlement, while providing personal service
remains the cornerstone of our success.

Let us know how we can serve you.

Our agency is conveniently located at 731 C Walker Road Great Falls, Virginia in the Great Falls Business Center (next to the Great Falls Professional Center). Our office hours are Monday to Friday 08:30 a.m. to 05:00 p.m.; Saturdays 08:30 a.m. to 12:00 p.m. for your convenience. A customer service representative is available 24 (twenty four) hours a day…7 (seven) days a week. Our telephone number is 703-759-4155
 • For more information visit our website by clicking in the following link:  www.gstephendulaney.com