This kind of cover is designed to give a monthly or yearly income to help if one or both wife and husband die and they require income to provide for dependents. Two things control the cost and these are chosen at the quotation stage and should be altered depending on your situation. The first is the term this is how long the policy will pay out for if you need to claim. A term of 15 years will give income for that length of time. However if you died at year 5 the family income benefit policy will only pay out for the next five years on a 10 year term. Cover at the best price at a time when you need it most
For eg you have a new born child. You could say that cover would be required for 20 years. You might set the term for the family income benefit policy for 18 years. You die 10 years in and the policy would only pay out for 8 years. However after the 8 year period the need for income ceases as the child is now able to earn income by themselves.
The other variable is the sum assured. Unlike a term insurance quote that pays out a fixed sum the sum assured will be set at the yearly income required. The family should already have or take out adequate insurance to pay off mortgages and loans therefore the income required can exclude these commitments. Family income benefit amount should be set to the amount the family will need with one partners income gone.
The best feature of family income benefit over term insurance is that amounts insured and income cannot alter. Unlike term insurance where a lump sum would be invested to provide income and therefore the income is variable and depends on performance of the investment. Another problem with using a lump sum to provide income is that in general people are scared by investing and many will waste the amount of the claim as the urge to use the sum assured and to buy cars or holidays can be to hard to stop.
In brief family income benefit can form a very important part of life insurance and protection planning. Used with level and decreasing life insurance policies to protect debts. It also other forms of illness and income protection covers. Your best advice and solution is to speak to a insurance adviser to help protect your family.
Theme and Amusement Parks in Majorca – Family Holidays For Thrill-Seekers
When youre on holiday, you want to find activities that the whole family can take part in and enjoy thoroughly, and theme and amusement parks of course offer fun and excitement for those of all ages. With something to suit a whole range of tastes in Majorca, family holidays which take in the islands theme parks, zoos and aquariums can be an absolute blast and will certainly keep the little ones entertained.
Looking for Something Wet And Wild?
If there is one thing that Majorca is not short of, it is water parks, and in the heat of summer what better way to cool off and enjoy the thrill of the rides? Western Park, located close to and directly west of Palma, offers one of the best experiences on the island for water-loving thrill seekers. The Kamikaze water slide, which plunges from a height of over 30 metres, is sure to take your breath away, but if you prefer to experience your thrills en famille, the 260 metre-long Mega slide lets the whole family jump in a raft together. These and a whole range of other water slides are not the only attraction of Western Park, however, as it is also based on a Wild West theme. With Wild West shows offering the chance to watch everything from shoot-outs to singing, and the spectacular Wheel of Death and Western Divers shows, a day simply isnt long enough to take in all the great attractions. Aqualand Magaluf is another of the islands water parks and this, along with the Hidropark in Alcudia, offers hours of fun and entertainment for children and adults alike during their stay in Majorca. Family holidays just wont be complete without taking in at least one of these wet and wild attractions.
From the Wild West to Wild Animals!
Whether monkeys or piranhas are your thing, youll be able to find these and many more exciting animals at the variety of wildlife parks, zoos and aquariums in Majorca. Family holidays with small children certainly wont leave you scratching your head for ideas and the Mallorca Aquarium, located in Porto Cristo and covering an area of over 2,000 square metres over two floors, on its own offers one hundred and fifteen displays of species from all over the world. Marine Land in Calvia meanwhile, will have youngsters captivated by the spectacular dolphin and sea lion shows and you can even watch the dolphins frolicking underwater from the underwater tunnel. If a safari is more up your street, then the Auto Safari Zoo on the outskirts of Sa Coma should be ideal. Whether you choose to go by car or to hop on the zoos mini train, you can experience the thrill of seeing everything from giraffes and elephants to zebras, lions, tigers and a whole host of other big cats oh, and windscreen wiper-eating monkeys too of course!
Bring Out the Competitive Spirit in a Round or Two of Mini Golf!
The fantastic thing about mini-golf is the fact that the whole family can join in and have fun. Located at Palma Nova and set in a tropical parkland with waterfalls, caves and lakes, Golf Fantasia offers no less than three 18-hole mini golf courses and the opportunity to spend a full and fun-packed day in Majorca. Family holidays in the area certainly shouldnt miss out on this wonderful attraction; but Dads, just make sure that you let the kids win every now and again!
Farm Property, Trusts & Llc Preserving Ohio Family Farms For Future Generations
Placing farm property in a trust-owned limited liability company (LLC) is often a key component of protecting a family farm against estate tax laws, creditors, law suits, nursing homes and other risks so it can continue to be enjoyed by future generations. Specifically, the LLC holding your farm property must be owned by an irrevocable trust.
If youre a farmer in Ohio, undoubtedly youve worked hard for the success of that farm and you want that hard work to benefit your family for many generations to come. Unfortunately, state and federal estate tax laws, debt obligations, nursing homes and other factors can put your farm at risk upon your death if proper succession planning is not in place.
While proper succession planning consists of many parts, an important part is often to create an irrevocable trust to own the LLC holding your Ohio or Dayton real estate. A lawyer can help you with this by drawing up the necessary legal documents that form the irrevocable trust, designate the beneficiaries, and describe what is to happen to the property and LLC upon your death.
Property in a Trust-Owned Limited Liability Company is Protected Against Most Debts and Lawsuits; Estate Taxes can be Minimized
By placing your farm property in a trust-owned LLC, the property becomes owned by the LLC, which is a legal entity just like a corporation, rather than being owned by you. Since you dont own it any more, the property is protected from many forms of debt and lawsuits. The irrevocable trust that owns the LLC adds another layer of protection and ensures that the LLC and property it holds is passed on to your chosen beneficiaries.
To more fully protect your Ohio or Dayton real estate, a lawyer with expertise in estate planning and business law can draft legal documents to create limited liability corporations, insurance trusts and other entities that work together to protect your farming business and personal assets for inheritance by your family.
Farm property in a trust-owned LLC can also avoid estate taxes. Estate tax law usually takes effect when property transfers to the beneficiaries. However, the legal documents for your irrevocable trust can specify that your beneficiaries can make use of the property while ownership is retained by the irrevocable trust and the LLC. Since the property is never transferred to the beneficiaries, estate tax laws never come into play.
Placing property in a trust-owned limited liability company is just one tool used to minimize estate taxes and other risks to your Ohio or Dayton real estate. A lawyer knowledgeable in succession planning and estate planning can show you additional ways to help you prepare a complete succession plan for your farm.
Strengths And Weaknesses Of A Family Business
Every company, and every type of company has there own set of strengths and weaknesses which differentiate them from their competition. Here are some of the differences between owning a family business, and a non-family business.
1) Nepostism
Family business owners often feel some sort of obligation to hire there relatives, instead of outside people looking for a job. The other people who are not related to them, often have better qualifications, and are clearly much better choices. The owner however may still chose to hire his or her relatives however, due to family pressure or sense of obligation.
2) Donations To Charity
Unlike public companies who feel pressure from share holders to make money, and not donate too much to charity, small business owners, specifically family business owners, can to a large extent do what they want with the money. Often they will donate it to there favorite charity, even though they may not be able to afford it, or it’s not in the companies best interests.
3) Less Profit Concerns
Small businesses often want to make their customers happy, or do what is morraly right. This in itself is a great thing, and it’s great that the companies want to do this, however sometimes the company will go over board, doing too much for too little profit. This can cause some serious problems and it may even cause the company to go out of business.
4) Loyalty
Employees in family businesses feel loyalty to their company. They are unlikely to leave, and if they do leave it is extremely rare for them to go to work for a competitor. In public companies on the other hand this is constantly happening. Even in high position jobs employees will leave and go work for a competitior, to get an increase in salary.
5) Huger Sacrifices
In family businesses the members of the family will work extra hard to make sure their company works out good. They will do every thing in there power to make the company as succesful as possible. They will work longer hours, without expecting additional pay. They will constantly think about how to improve the company, in order to make it better. They do this, either because they own part of it themeselves, or even if they don’t have any ownership in the company, they will do it to benefit there family.
6) Teamwork
Family business members don’t have to question there coworkers motives (most of the time) because they know that they are acting in the companies best interest. If a coworker asks someone to do something, they will usually do it without second guessing why they made that request.
The Sticker Family Uk
The sticker family UK is now offering an awesome set of My Family Stickers for our family — stickers that work well as family car stickers and general family stickers for around the house and other applications.There are stick figures portraying all sorts of mums and dads, boys and girls, babies and older children and even cats, dogs and many other types of pets. You really have to check it out to believe just how many fantastic variations there are. You really can create a totally unique combination to depict your own family. At last count there were well over 100 options available, with more being requested and made available as time goes on.These cool family characters were originally intended as bumper stickers and family stickers for cars only, but have since turned into a fun present idea and are being used on many surfaces, given as gifts and used to visually share (or perhaps show off!) the members of your family with the public.Although it seems like a strange idea at first, it is a great craze that has caught on across the world — having begun it’s journey in Australia, and just recently launched here in the UK with TheStickerFamily.co.uk after successful launches in Singapore and South Africa. The stickers will also soon be launching in Japan, Germany and Italy.It’s a lovely little family-run business and things are set to really take off, so keep an eye out for those cute little decals arriving in stores near you. Or, alternately, you can simply log onto their website to purchase them directly. Postal delivery time tends to be only a few days normally so you dont need to plan too far ahead if youre getting them for a birthday or christmas present.