To make sure there is sufficient life insurance to provide the protection of a mortgage on primary residence, provide adequate replacement income for surviving spouse and children
To make sure a Wills are in place
Solutions:
Set up a tax deferred non-qualified savings for college education that provides life insurance protection and long-term care benefit for both spouses.
Set up a SEP IRA for husband that is self-employed to reduced taxable income.
Recommend a professional attorney to set up a will, power of attorney, healthcare proxy.
Husband- age 48
Wife- age 44
Son- 19
Son- 16
Daughter 9
Owns 3 businesses together
Husband- $750,000 income
Wife- $300,000 income
Net Worth- $35,000,000
Goals:
To provide sufficient income for spouse and 3 children in premature death of husband.
To maximize all the tax planning strategies available.
To make sure there is sufficient tax efficient retirement income at age 60.
To provide a legacy for children and grandchildren
To minimize Federal Estate Tax and NY State Death Tax
To make sure it has adequate Long-Term Care coverages
To provide key employees Executive Benefits
Solutions:
Premium Financing Life Insurance policy to leverage the premium payments for life insurance protection and Estate Planning and Retirement planning.
Set up a Restricted Property Trust- which allow tax savings on the contributions and tax efficiency retirement income.
Set up an Irrevocable Living Trust to provide liquidity and protection against Federal Estate and NY Death Taxes
The premium financing policies provide Long Term Care benefit in addition to life insurance protection.
Provide Key Employees Executive Benefits thru the Restricted Property Trust
All above are coordinated with client CPA and we introduced the Estate Planning attorney to draft the legal documents.
Husband- age 58
Wife- age 56
Son- age 37
Son- age 32
One grandson – age 3
Husband- Medical Doctor
Wife- Homemaker
Husband income- $1,000,000
Net Worth- $15,000,000
Goals:
To make sure to have sufficient tax efficient retirement income to compliment the taxable retirement income from pension plans, IRA and Social Security Retirement income benefit.
To minimize Federal Estate Taxes and State Death Taxes
To minimize current income taxes
To provide sufficient income for spouse and legacy for children and grandchildren
To have adequate Long-Term care insurance
Solutions:
Set up a premium financing life insurance to leverage funding from a lender to provide life insurance and retirement income.
Set up an Irrevocable Living Trust life insurance to shield the proceeds from Federal Estate Tax and Death Taxes or provide liquidity to pay the taxes
Set up a will, power of attorney, health care proxy and instructions on future distributions of assets.
Implement a Restricted Property Trust to reduced current income tax liability
The life insurance designs provide Long Term care coverages