Insurance
Immediate Quoting from Summit Legacy Advisors
Term Insurance can provide important interim protection for business owners
Permanent life insurance
solutions for wider objectives
Permanent Life Insurance is a non-market correlated separate asset class that business owners can use to secure their retirement lifestyle and maximize the transfer of wealth to future generations. It is by far the best way to safeguard against “sequence of market returns risk” once a business owner places a substantial portion of his former business equity into the public markets. The Advanced Planning Groups of our top-rated carriers keep track of the shifting tax and legal environment and understand how to handle large and complicated planning scenarios and tax diversification strategies.
Life insurance can provide permanent asset protection, permanent guaranteed death benefits, accelerated cash value creation for tax-sheltered asset growth, retirement income supplementation, or a reserve of accessible benefits for chronic illness conditions. Having the right strategy in place makes all the difference between preserving your pre-exit lifestyle throughout retirement or experiencing a stressful financial shortfall. Our network of top-rated insurance carriers provide creative ways to structure your financial affairs to protect against the unique aging risks that occur during retirement. Summit Legacy Advisors has the expertise to truly fortify your family’s financial growth and preservation opportunities. Just fill in the information below, and we’ll be in touch with you shortly.
Case Summaries
How a gifted “last to die” policy can be tapped for supplemental retirement income.
PROBLEM PRESENTED: In 1993, the maximum estate tax rates were 55% and the lifetime estate and gift tax exemption amount was only $600,000. To save potential estate taxes, a couple with two children bought a $784,000 joint and survivor policy on themselves jointly as a...
Filling the protection gap for a busy business owner with four dependent children.
PROBLEMS PRESENTED: A small business owner with an especially busy real estate and business brokerage practice wanted to provide life insurance for his four minor children in the event he passed away or required long term care assistance following an accident or...
Preserving the Going Concern Value of a rapidly growing franchise.
PROBLEM PRESENTED: The owners of a fast-growing franchise did not have enough life insurance on themselves to protect their estates and preserve the growing value of their respective business interests in case either one of these key owners passed away. The business...
Providing a fund for Long Term Care essentially subsidized by the federal government.
PROBLEMS PRESENTED: The owner of a consulting firm continued to work after retirement to supplement his retirement income. But because he earns $48,000 per year in his consulting business, his Social Security benefits get taxed. Under the IRS rules, the threshold...
A Grandparent’s Gift of Enduring Love.
PROBLEMS PRESENTED: How to leave a memorable legacy? A 73 year- old grandfather and his 71 year-old wife, wanted to leave gifts to their 3 beloved grandsons (aged 10, 8, and 5), that they won’t outgrow, break, squander or forget about. The grandfather had done a great...
Turning a tax problem into a wealth-building opportunity.
PROBLEMS PRESENTED: A big tax bite, a volatile market, and a new spouse. A 33 year old male had just gotten married to a 29 year old female, and they were living in an upscale apartment while she was finishing medical school. While he had a day job earning an average...
A new house, a new family, a new baby, and insurance coverage to boot.
PROBLEMS PRESENTED: A young professional couple in their late 20s, both doctors, had recently graduated and married. Tired of a cramped apartment, they wanted to buy a home, but while their combined incomes were good, they hadn’t yet had enough time to save for the...
How we exchanged a bad deal for a great deal
PROBLEM PRESENTED: A young engineer client, age 33, and his wife, age 31, found out they were expecting for the first time, with twins on the way. In reviewing his current life insurance coverage, he discovered that his dad and mom had used the maximum annual gift tax...