Estate Planning Strategies Can Cause Major Insurance Coverage Gaps

Property and casualty (P&C) insurance is often overlooked during the estate planning process

 

A lack of attention to related insurance policies during the process may lead to significant coverage gaps that could derail the purpose of the estate plan if an uncovered loss occurs.

There are several types of legal entities that are used in estate planning. Some of the most commonly used entities include limited liability companies (LLCs), trusts, and family limited partnerships. These legal entities are effective tools for reducing estate taxes and limiting liability, but without consideration for the P&C insurance, they may unintentionally result in an uncovered loss.

The best way to ensure the links between estate planning and P&C insurance are addressed is to engage a P&C insurance specialist in the conversation. An insurance specialist will understand the strategies being used on the estate planning side and know how to address them in the P&C insurance program.

 

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