Author: abraham

After the death of a loved one, it can be difficult to think about money and financial contracts. But it’s essential to remember that annuity contract terms continue paying out the same way for the original annuitant beneficiaries as they had prior to the annuitant death. In simpler terms. Yes, annuities can be and typically are inherited spouses will also have more control over changing the terms of inherited annuities. The taxes you will owe on an inherited annuity will depend on the payout structure of the annuity and the status of the beneficiary with lump sums taxed immediately with the highest tax consequences. It should also be noted that minors cannot legally access their inherited annuity until they reach 18 years of age. Knowing the details about inherited annuities can really help to ease the emotional and financial burden of such difficult times. So it’s always best to speak to a trusted insurance agent before making any final decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Some life insurance policy, a little bit concerned about whether or not any payout provided by their policy is subject to taxation, but rest assured with only really a handful of exceptions, life insurance payouts are not going to be taxed because forms of insurance payouts aren’t considered income and therefore are not subject to income tax. However, in some cases, if you have say a significant amount of assets, then your life insurance be subject to estate taxes. So how do you avoid taxation in this situation? Well, I’ll tell you life insurance products can often be set up in a way that will prevent your family from having to pay state taxes on those funds. So to like in, yeah, doing, we suggest that you speak with your tax advisor insurance agent before making any final decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

If you are going to be spending your hard earned cash buying an annuity, we understand that you want your money to be safe after all. It can be scary when there are negative albeit unfounded stigmas regarding the regulation of annuities. Well, sit back, kick back and relax because we’re here to tell you that state insurance commissioners regulate all annuities. Any licensed seller must comply with capital and financial requirements before being licensed. Additionally, plenty of information and filed complaints are publicly available through the state insurance commissioner. Even better news, variable annuities are federally regulated by the securities and exchange commission and the financial industry regulatory authority. That whole mouthful is the sec and finr a. Of course, anybody selling variable annuities is also required by law to carry a securities license. So you can rest easy knowing your annuities are in safe hands.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Business owners often wonder whether or not life insurance can be claimed as a business expense on their taxes. And the short answer is no because life insurance already benefits from a tax advantage status. It cannot be claimed as a business expense. However, there are a few instances in which it is possible to write off life insurance premiums as a business expense. If the life insurance policy is taken out on a key person in the business such as an owner or a partner, the premiums can be deducted. This is because the death of a key person in the business would have a negative impact on the company’s finances. Another instance in which life insurance premiums can be written off is if the policy is used as collateral for a business loan. In this case, the interest paid on the loan can be deducted as a business expense. This can be a helpful way to reduce the cost of borrowing money for your business and this can get tricky. So we always recommend consulting your insurance agent before making any final decisions.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

So there are a broad range of business insurance options that cover a wide variety of risks, right? And I gotta say many business owners are unclear on the function of business interruption insurance. So to put it simply uh business interruption insurance basically replaces income that you would have earned if something prevents you from being able to engage in normal business operations. So in other words, if a tornado say destroys your storefront, oh, that’d be terrible. But if that happens and as a result, you’re unable to sell goods and generate income, then business interruption insurance will replace some or all of that income. So there are two things to keep in mind here. First, uh the coverage will only replace income up to the total coverage amount on the policies. So a $200,000 policy will pay up to that amount and no more. Second, uh business interruption insurance only triggers if the cause of the interruption such as a fire is covered by the policy, it’s got to be covered. So if you want your coverage to be sound, the best thing you can do is sit down with your insurance agent. And make sure all potential causes of interruption are included in your policy before you sign it.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Floods are one of the most common natural disasters in the United States and they can cause billions of dollars in damage. Homeowners insurance typically does not cover floods because floods are considered natural disasters. And most homes policies exclude natural disasters from coverage. However, there are some ways to protect yourself from financial ruin if a flood damages your home. One option is to purchase a separate flood insurance policy. Another option is to get a rider on your homeowners insurance policy that covers floods. Riders are typically available for an additional premium and can help cover some of the costs associated with flooded homes. Finally, you can try to negotiate with your mortgage lender to have them cover the cost of repairs. If a flood damages, your home, floods are unpredictable and can happen anywhere. So it’s essential to prepare financially in case your home becomes flooded by understanding your options and being proactive. You can help to protect yourself from financial ruin in the event of a flood.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

Many folks we talked to that are looking to secure their financial future, want to know whether annuities are a good investment or if they should be just completely avoided altogether. The answer is that annuities like many investments are not good and they are not bad. They’re just kind of in the middle. So whether they are right for you or not, depends on your financial situation. All annuities work in essentially the same way you pay a large amount of cash upfront and then you receive a fixed stream of come over time. Now, if you’re thinking ahead about retirement, then a fixed income annuity that supplements Social Security might be really attractive to you uh for people who want to be a little bit more speculative, um annuities might seem a little bit too conservative. So as part of a comprehensive portfolio annuities can provide a level of stability that may not be possible with more market based investments, like say uh mutual funds, for example. So before making a final decision on whether or not an annuity is right for you and your family, what I suggest is you set aside some time to speak with your financial advisor. They’re gonna help you out.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

So many business owners want to know whether or not a business license is required before they can purchase business insurance coverage. As a rule, you don’t need a business license to purchase business liability insurance. But there are certain kinds of industry specific insurance that might require a license or certification. If you’re a sole proprietor or a contractor, for example, you can almost always acquire business liability insurance without a license. Similarly, if you just open your business and your licensing isn’t complete yet, you should still be able to pick up a business liability policy. Here’s a good way of looking at it, think of it like this. If you’re facing risk, you’ll likely be able to buy insurance for that risk. Now, if you want to ensure that all your bases are covered, then make sure you speak with your insurance professional before making your final decision on how to cover your business.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

A common question we receive from policyholders is when are annuities a good idea. The truth is there is no perfect time to buy an annuity. It is best. However, to understand uh what an annuity will provide you with financially before you decide on buying one, an annuity is not in investments. It is insurance and you must approach the purchase of annuities with this mindset. Annuities are insurance contracts that give you guaranteed income with long term tax deferred growth for the rest of your life. There are many different types of annuities but they all have one thing in common. They provide a stream of payments that can last for the rest of your life that makes them an ideal way to create a guaranteed income in retirement. The right annuities within the right financial plan are very often good ideas, especially if you like the financial security and the peace and happiness that comes with it in your retirement years.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.

I have to say pretty often home insurance policies are quoted from carriers for an entire year. This leaves so many homeowners wondering if they can pay their premiums monthly. I’ll tell you the answer is usually yes. With most home insurance policies, you can choose to pay premiums on a monthly basis rather than paying for the whole year. There can be complications when it comes to a mortgage though. That’s because a lot of banks pay home insurance automatically from an escrow account. Also, I want you to note that many carriers will offer a lower overall price on home insurance if you pay the entire year upfront rather than monthly. As always, if you have questions about how to handle your home insurance, set aside some time to talk it over with your insurance agent.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.