Uncategorized Archive

4 Questions To Ask When Considering Horse Trailer Insurance

If you want to have peace of mind and deal with a crisis, we suggest that you have a horse trailer insurance. To make sure you have the right coverage, we suggest that you do your research and choose the right provider. Given below are some important questions that you may want to ask your agent when choosing the best horse trailer insurance. Read on to know more about horse trailer insurance.

1. Comprehensive coverage

This is a common misconception that most horse trailer owners may have. The thing is that the insurance covers only the liability, and it won’t provide coverage in case of theft or damage. Apart from this, there will be no coverage if the property of someone else gets damaged. In the same way, no claim can be made if a loss happens due to the will of god.

For your trailer protection, you may want to ask the insurance agent regarding collision and comprehensive coverage. The majority of insurance providers just include an endorsement in your current policy in order to extend the collision and comprehensive coverage. Please note: this will be a minor annual expense.

2. Trailer contents coverage

Your responsibility is to protect your trailer as well as the content inside it. You may want to talk to your insurance agent to find out if the contents of the trailer are also insured as damage to the contents may also cause a good deal of loss.

Also, you may want to keep in mind that the trailer content includes the gear and equipment, not the horse. If you want to insure your house as well, we suggest that you get in touch with a local insurance provider.

3. Break down

In life, we learn a lot of things the hard way. This may happen to you as well. For instance, some insurance providers may tow your vehicle right away if you have a breakdown; however, they will not provide roadside service.

Having a horse trailer on a highway side is stressful, especially if you have no way to get it transported to a safe area. Therefore, we suggest that you ask your insurance provider if your horse and trailer gets coverage for breakdown services. If they don’t provide this service, you may consider another insurance provider.

4. Coverage of the vehicle when parked

It’s true that most trailer problems happen on the road, but they may also happen anywhere. Therefore, you may want to find out if your insurance agent provides coverage in case of fire, storm damage, theft and fire, especially if you have parked your trailer somewhere.

Also, you may not want to forget asking whether you will get coverage if your trailer gets damaged on someone else’s farm or property.

So, if you have been thinking of getting horse trailer insurance policy, we suggest that you consider all of the relevant things. The thing is that you may want to get as much coverage as possible so you don’t end up suffering a lot of loss.

What Is An Irrevocable Life Insurance Trust Notes?

If you are starting your estate planning process, an ILIT (irrevocable life insurance trust) will provide peace of mind. If you have young beneficiaries or sizeable estate, the trust will be able to provide control over a life insurance policy.

The irrevocable aspect of the trust ensures that the creator or the grantor will not be able to change it after it is setup. ILIT is primarily used as an estate planning and financial planning tool to protect assets subject to high estate taxes.

What Do You Need to Know About an Irrevocable Life Insurance Trust?

A revocable trust enables the grantor to make changes to the trust. You will also be able to end the trust if you want to. An irrevocable trust will not allow any changes to be made after it is setup. Only beneficiaries will be able to change the trust.

Revocable trusts are more common as they offer flexibility to the trust creator. An irrevocable life insurance trust is a good idea if you want to save taxes.

A grantor will set up the irrevocable trust and fund it. Transfers and gifts are then made to the trust. Transfers and gifts are permanent. Changes not allowed to the trust and its funds after set up.

The trustee manages the trust. Distributions made to beneficiaries are also managed by the trustee. The trustee who manages the trust is different from the grantor.

Benefits of an Irrevocable Life Insurance Trust

Lower Estate Tax
Death benefits will not form part of the gross estate when you opt for an irrevocable trust. This means the benefits are not subject to federal and state estate tax.
The trust will also be able to cover debts and estate tax costs when the estate makes the purchases. The grantor will not be able to make the purchases as the estate is now part of the trust.

It is important to know that even though the estate is exempt from estate taxes, the beneficiary’s estate will be subject to such taxes. The tax burden shifts to the beneficiaries.

When ILIT is drafted properly, it helps provide liquidity. This will help pay estate taxes and other expenses and debts. It is done through a loan or purchasing assets from the estate of the grantor.

Lifetime gifts will help reduce the taxable estate. This is done by transferring assets into an irrevocable life insurance trust.

Protect Assets from Creditors
An irrevocable trust will be able to protect you from certain legal proceedings. Protect assets from creditors by setting up the trust.
The creditors, however, will be able to attach distributions made from ILIT.

Avoid Gift Taxes
The contributions by the grantor to the beneficiaries are considered gifts. If you want to avoid gift taxes, it is important that the trustee notifies the beneficiaries about the right to withdraw.
The letter notifies the beneficiaries right to withdraw for a 30-day period.

After the 30-day period, the trustee will be able to pay the life insurance premium using the contributions.

The transfer for the annual gift tax can be excluded as the letter makes the gift a present instead of future interest. This helps avoid the need to file a gift tax return.

Leaving Assets to Minors and Ensuring Responsibility
Minors are not equipped to handle large amounts of money and assets. An irrevocable trust will allow you to put restrictions in place to protect the assets.
Restrictions such as the beneficiaries reaching a certain age to gain access to the assets can be put in place. The creation of a trust will help ensure responsible behavior from adults or minors with reckless spending habits.

The trust is supervised by an appointed trustee. The assets will be distributed as per the grantor’s wish. This provides asset protection for the beneficiaries.

As ILITs are not owned by the beneficiaries, the assets are protected even if there is future litigation involving the beneficiaries.

Linking the assets to the beneficiary is difficult. This prevents creditors from accessing the assets.

Government Benefits
Trust beneficiaries receiving government aid (Medicaid or Social Security Disability Income) are protected with the proceeds received from a life insurance policy purchased by an ILIT.
The trustee will be able to control how trust distributions are used. This is done carefully so that it doesn’t obstruct the beneficiary’s entitlement to get government aid.

Legacy Planning
The generation-skipping transfer tax stipulates a 40% tax on transfers and gifts in trust. The tax is also applicable when the gift or transfer is made to unrelated persons more than 37.5 years younger to the donor.
Related persons who are more than at least a generation young than the donor will also be covered as per the tax provisions. Donors gifting assets to grandchildren instead of children is a common example.

ILIT will help the grantor leverage the generation skipping transfer tax exemption. Gifts to the trust are used to fund and buy the insurance policy.

As the death benefits proceeds are excluded from the estate of the grantor, multiple generations of the family (children, grandchildren, and great-grandchildren) will be able to benefit from the trust assets.

Downsides to an Irrevocable Life Insurance Trust

There are certain tax benefits that become applicable only when the grantor lives three or more years after transferring the insurance policy to the trust. IRS will start including the insurance proceeds if the period is less than that specified.
When ILIT purchases the insurance policy, you will be able to avoid a three-year period that is specified. The trust will have to fund to pay the premiums.
When you give the trust money to a policy it becomes subject to the gift tax. The gift taxes can be avoided if beneficiaries are sent letters notifying them that the money is not immediately accessible to them.
The biggest downside of ILIT is that it cannot be changed after it is established. You will have to relinquish complete control of assets. Apart from this dissolution of trust is not possible unless payment for premiums is not stopped.
When the beneficiaries receive the estate, they will have to pay sizeable taxes.
How to Setup an ILIT?
Setting up an ILIT is a complex process. Start the process by selecting a lawyer specializing in estate planning.

Before you draft the trust document you will have to take the following decisions:

Who will be the trustee of ILIT?
Who will be the beneficiary or beneficiaries of the proceeds of the insurance?
Will you be transferring an existing policy to the trust or buying a new life insurance policy?
Before you make these important decisions, it is advisable to give them a lot of thought. You will not be able to change any of these decisions after you set up an irrevocable trust.
ILIT is named as the beneficiary of the life insurance policy. This means the payment will go directly to the ILIT in the event of your death.

The beneficiaries will receive benefits without paying any estate or income taxes. Fund the trust for payment of the premiums. This ensures that the insurance policy doesn’t lapse.

Who Are the Beneficiaries of an ILIT?

The primary beneficiary of the insurance policy is ILIT. Death benefits are transferred into ILIT. These benefits are held in trust for the benefit of beneficiaries named in the trust documents.

If the proceeds of the trust are held for the benefit of the spouse, regular incremental payments are received instead of a lump sum amount. The incremental payments are not taxed.

What Are the Incidents of Ownership?

If the insurance policy is owned and retained by you, you will be able to change the beneficiaries or withdraw the cash value at any point. This means the tax authorities will include the proceeds of the insurance policy when calculating the estate value.

If the proceeds are high it will make the estate susceptible to estate taxes. This is possible when the estate is the beneficiary of the policy.

The policy will be an asset of the estate if it is owned at the time of death and even if children, grandchildren or great-grandchildren or someone else is named as beneficiary.

How to Dissolve an ILIT?

After an irrevocable trust is set up it cannot be undone. Premiums will need to be paid to keep the insurance policy in effect. If you want to dissolve the trust all that you need to do is to stop the payments for the premium.

The insurance policy will lapse if the premiums are not made.

Conclusion

An irrevocable life insurance trust is a good idea if you have a significant amount of assets and wealth and you want to protect it after you die. This will also help avoid creditors and high estate tax.

You do need to remember that ILIT may not be suitable for everyone. After you set up the trust, you will not be able to make any changes to it. Only beneficiaries of the trust will be able to approve any change to the trust.

5 Empowering Tracks From Female Icons To Make You Feel Inspired

Sometimes we all need a little lift. Whether you’ve had a recent knock to your confidence, have been going through stress in your personal or professional life, or have always struggled with your self-esteem, music is an essential tool for lifting your spirits and making you feel better about yourself.

According to a study by Heriot-Watt University, the type of music you listen to not only influences your mood, but also your personality, with indie and rock/heavy metal fans reporting the lowest levels of self-esteem, while fans of jazz, blues, opera, classical, pop, rap and soul all reported high levels of self-confidence.

So if you’re having a ‘down day’, why not boost your spirits by listening to some powerful, uplifting tracks? Here are five perfect confidence boosters.

Britney Spears – Toxic

Britney’s own struggles with her mental health and conservatorship have made her an inspiration for many people across the world.

This classic song is timelessly sensual, and the heavy beats throughout make it impossible not to dance to. A welcome blast of nostalgia, this tune has filled dance floors across the globe with fans old and new.

The video features Britney as a female spy playing the sexy flight attendant, seducing her passenger before she makes her escape on a motorbike and breaks into a high-security facility guarded by a laser security system.

This track and video is a guaranteed way to feel invincible, and deserves a place on your playlist no matter your mood.

Kelis – Milkshake

A cheesy classic that is guaranteed to make you feel all warm and gooey inside, Kelis pumps up the heat in this 00’s RnB track. Underpinned by intricate drum beats and electric elements, Kelis’ self-confidence is infectious, and it’s hard not to find yourself smiling at the lyrics.

This track is a great way to get into a flirtatious mindset, making it a great choice before going on a date or heading out for the evening.

And if you’re staying in? It’s a great mood lift. But beware! You may find yourself craving a sweet treat.

Eve (ft. Gwen Stefani) – Let Me Blow Your Mind

This RnB classic will capture your attention with its assertive rhythm and powerful vocals from 00’s icons Eve and Gwen Stefani. Featuring a laid-back – yet self-assured – beat, and catchy guitar riff, this is a great track for driving, and its empowering feel is sure to help you feel motivated.

Got a job interview lined up, or thinking of asking for a raise? This anthemic number is a quick way to feel positive and more assertive.

The video features Eve and Gwen Stefani crashing an exclusive event on quad bikes, causing a stir among the privileged attendants, and shoving the performer off stage to perform their own music, before finally being arrested and taken to the station in a police van.

This ‘baddie’ track helps you to tap into the hidden ‘bold’ side of your personality, and lifts your mood while keeping you feeling calm and cool.

Fergie – MILF$

If you have kids, it can be difficult to feel sexy. When you’re running around cleaning the house, changing nappies, or up to your elbows in dishwater, you can easily forget your sensual side – leaving you feeling frumpy and lacking in confidence and motivation.

Thankfully, Fergie’s comeback track is a quick remedy to your low mood and lethargy.

Featuring attractive mothers dressed in curve-hugging latex and silky lingerie going about their daily life in a dreamy, colourful suburbia, this track is a quick way to transform your self-esteem and transport you to a world where you are not just a mother, but a goddess too.

Why not shake off the day and tap into your feminine energy with Fergie, your sexiest PJs, and a bottle of your favourite wine?

Marina And The Diamonds – How To Be A Heartbreaker

Low confidence after a breakup? You’re not alone. Having your heart broken can leave you feeling depressed, undesirable, and unmotivated. So flip the tables on your ex and become a heartbreaker with Marina’s catchy club classic.

This empowering dance track will make you want to move your body and get in touch with your bad girl side, with its heavy beat and pounding rhythms.

Plus, if your libido has suffered as a result of your low mood, take a sneaky peek at the video – it will get your blood pumping with its steamy shower shots and smoking hot male models.

The Pandemic Effects on Hospitality Industries and How They Overcome It

The COVID-19 pandemic affects many aspects and many sectors of life. As a result, economic sectors are fully affected, and the hospitality industry is no exception. The hospitality industry is known to be the source of job opportunities and supports many livelihoods of millions of workers and their families. Because Indonesia is primarily reliant on the service sector, the tourist industry plays an important part in the country’s growth. The increase of the COVID-19 cases has brought about a huge increase in the number of workers getting expelled or having their work ended. How did the hospitality industry survive in this era? The pandemic has provided several opportunities for numerous hospitality industries to use specific mechanisms in order to overcome pandemic difficulties.

Tourism and hospitality industries affected by the COVID-19 pandemic, including hotels, restaurants, resorts, travel agencies, travel and transportation, and real estate, show a significant losing number of tourists. According to the president of the Indonesia Tour Guide Association (HPI, 2020), 45,000 visitors have cancelled their plans to visit main tourist spots in the country between January and May. Furthermore, According to UNWTO (2020), 100-120 million direct and indirect activities were in jeopardy, and foreign tourist numbers decreased 56% year on year from January–May 2020. These noteworthy diminishing numbers primarily influenced the Indonesian financial state. For example, hotel profits have dropped by up to 40%, having an effect on hotel operations and risking business continuity. The drop in international visitors has an effect on the salary of restaurants whose clients are more prevailing than foreign visitors (Block, 2017). Following the dropping, many hospitality industries are taking awareness of tourists’ health risks and protocols taking an advance.

The recovery of hospitality industries is indistinguishable from the progressively sophisticated information innovation utilized to pull in potential visitors to choose to travel. The regaining of tourist attractions after a pandemic is required to utilize other promoting techniques to advertise their items inventively. First, social media marketing reaches many internet users who are looking for tourist information hospitality industry. This strategy is helpful in advertising and attracts many tourists to find more information related to a tourist attraction in the designated region. Second, Tourism industry players and visitors, as well as government action, are required to arbitrate between the two groups. Government policies must be in the form of the finest judgments to characterize the middle ground between commercial actors and visitors (Anggarini, 2021). This means that provided policy in the hospitality sector during-post pandemics maintains the best solution for both tourists and hospitality owners. Last, all tourism-related activities must adapt to current conditions, in which humans must live alongside Covid-19 (Anggarini, 2021). By all means, many factors, including health issues, hygiene, and safety for tourists, are priorities.

In conclusion, even though the pandemic is really affecting the hospitality industry as a whole, it gives many advancements of movement done by the hospitality industry to survive. Many resources are being used as the development of technology to provide data destinations insight. In addition, the sophistication of information technology can also facilitate the government in supervising the implementation of safe travel in accordance with government recommendations. All these initiations are good examples of overcoming pandemic situations while running hospitality industries.