Insurance & Wealth Transfer Planning
Insurance Planning
Protecting your wealth is just as important as developing strategies to build it. We work with you to guide you through choosing the right insurance plans.
Life Insurance: When used properly as part of the holistic plan, insurance can help with estate planning, protect family income, and be used as an investment strategy to minimize taxes. For business owners, life insurance can have a significant impact on reducing personal and corporate taxes.
Disability Insurance: This type of insurance is designed to protect you from the possible loss or reduction of income as a result of not being able to work.
Critical Illness Insurance: When diagnosed with a contract specified critical illness, the policy holder receives a tax-free lump sum payment to use as the policy holder sees fit. The payment provides the client the freedom to make decisions regarding their illness. Some of our clients use Critical Illness insurance as a forced savings mechanism, with all the premiums returned after 15 years.
Estate Planning & Intergenerational Wealth Transfer
Without a plan for your estate and for how you want your legacy to continue, your plan is incomplete. Yet many people do not have an estate plan. That is why, as part of our client's wealth management plan, a significant focus is on creating a tailored estate plan.
By maximizing tax reduction strategies, we help our clients make decisions that can significantly impact their kids, grandkids, and their charitable aspirations. As part of the retirement plan, there is an approximation of estate tax, along with strategies implemented and pre-paid, can help reduce your estate’s actual tax cost. It may mean an estate freeze, essentially locking in the tax cost to your estate as a business owner.
This process evolves over the years and always includes our clients' participation in assumptions made and which tax reduction strategy best fits their situation, both now and for the future.
Aside from the focus on tax, wills are reviewed and updated when necessary, and communication with the executor(s) is encouraged.
