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Another issue surrounding the amount of insurance for estate liquidity is that of timing and valuation. Thus, acquiring life insurance based on a shortfall in the intended net legacy is probably a better initial approach than funding the taxes and expenses themselves. If concerned about estate shrinkage because of taxes, most financial planners would first look at the projected value of the estate after shrinkage and ask the following question: "Is this enough for your heirs?" Life insurance does not eliminate the taxes, expenses, and shrinkage of value caused by liquidity crunches; it simply provides the cash to mitigate the problem. The determination of amount may also seem objective in the closely related estate liquidity situation ("owing" federal and state taxes and the other immediate costs of death), except there are still important subjective considerations. Please check those that apply AND indicate the longest period of time (counting from today) you believe the need may exist: When life insurance satisfies the "owe someone" purpose of buying a policy, the amount of insurance is generally both objective and obvious. The retirement income needs of the surviving spouse should be estimated because the loss of a portion of the family wage income also suggests the loss of accumulating retirement funds. In this case, consideration should be given to the likelihood of a return to remunerative work, and the likely duration of such earnings. Many couples will consider having the surviving spouse not work until minor children have gone to college.