Case Study

Types of cases we're working on and prospects we're following up with.


Husband- age 38
Wife- age 35
Son- age 11
Daughter- age 7

Husband- IT- Self-employed consultant- $120,000
Wife- RN $85,000
Net Worth- $600,000

Goals:  

  1. To save for college education for 2 children
  2. To minimize taxes
  3. 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
  4. To make sure a Wills are in place

Solutions:

  1. Set up a tax deferred non-qualified savings for college education that provides life insurance protection and long-term care benefit for both spouses.
  2. Set up a SEP IRA for husband that is self-employed to reduced taxable income.
  3. 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:

  1. To provide sufficient income for spouse and 3 children in premature death of husband.
  2. To maximize all the tax planning strategies available.
  3. To make sure there is sufficient tax efficient retirement income at age 60.
  4. To provide a legacy for children and grandchildren
  5. To minimize Federal Estate Tax and NY State Death Tax
  6. To make sure it has adequate Long-Term Care coverages
  7. To provide key employees Executive Benefits

Solutions:

  1. Premium Financing Life Insurance policy to leverage the premium payments for life insurance protection and Estate Planning and Retirement planning.
  2. Set up a Restricted Property Trust- which allow tax savings on the contributions and tax efficiency retirement income.
  3. Set up an Irrevocable Living Trust to provide liquidity and protection against Federal Estate and NY Death Taxes
  4. The premium financing policies provide Long Term Care benefit in addition to life insurance protection.
  5. Provide Key Employees Executive Benefits thru the Restricted Property Trust
  6. All above are coordinated with client CPA and we introduced the Estate Planning attorney to draft the legal documents.
  7.  

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:

  1. 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.
  2. To minimize Federal Estate Taxes and State Death Taxes
  3. To minimize current income taxes
  4. To provide sufficient income for spouse and legacy for children and grandchildren
  5. To have adequate Long-Term care insurance

Solutions:

  1. Set up a premium financing life insurance to leverage funding from a lender to provide life insurance and retirement income.
  2. 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
  3. Set up a will, power of attorney, health care proxy and instructions on future distributions of assets.
  4. Implement a Restricted Property Trust to reduced current income tax liability
  5. The life insurance designs provide Long Term care coverages