Risk Management

Planning for your long-term care or a loved one’s can be incredibly taxing. The evolution of hybrid policies can consolidate policies while presenting additional premium options to protect your loved one and their finances.

Life insurance can be a useful, tax-efficient tool for ensuring the transfer of wealth and assets across generations – but finding the right structure to support your estate planning goals is crucial. As you begin your estate planning process, an irrevocable life insurance trust (ILIT) can provide a host of tax and non-tax advantages, as well as greater control over a life insurance policy that a last will and testament may not provide.

Grantor Retained Annuity Trusts, as part of an integrated estate plan, enable the family’s next generation to receive assets outright or in an irrevocable trust and slows estate growth, increasing the wealth passed on.

Regular insurance policy reviews allow you to update a policy’s beneficiary and ownership structure to match any recent changes better and identify potential performance issues with the policy. You may also be in a situation where you want to reduce premium payments or find that the policy is no longer wanted or needed.

Spurred by sustained low interest rates and the emergence of COVID-19, important developments are taking place in the life insurance industry. While coverage can still be purchased during the pandemic, it’s important to understand how policies may be changing.

For high-net-worth families and individuals, life insurance can provide benefits that go well beyond replacing income to support beneficiaries when you pass away. Indeed, when included as part of a comprehensive estate plan, life insurance can provide liquidity to pay estate taxes, allow beneficiaries to retain ownership in important assets like family businesses and real estate, equalize inheritances among survivors, maximize your wealth and secure your legacy.

No one likes to think about not being able to take care of themselves, but—like it or not—it’s a very real risk.

Protecting you and your family’s wealth and long-term goals is the cornerstone of any wealth management plan—with insurance serving as one of the first lines of defense if disaster strikes.