WEALTH TRANSFER CONCEPTS
Life insurance can be a highly effective vehicle for asset protection and for increasing the wealth that passes to beneficiaries—in some cases, over several generations. But with a life insurance policy properly structured in a dynasty trust, your clients’ assets can work even harder for their beneficiaries. Life insurance provides tax-deferred accumulation, and the death benefit is paid to the trust free of federal income and estate taxes. By “leveraging their assets,” your clients gain more control and a more efficient way to pass on their legacy.
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Private Financing Strategy
Many recognize the value of an irrevocable life insurance trust (ILIT) funded with life insurance as an effective estate planning technique. However, they may have used up limitations for their lifetime gift tax exemption or exclusions, or prefer not to use them to cover the life insurance premium. If so, your clients may want to consider a private financing strategy.
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Private Financing Strategy Sample Illustration
Life Insurance Policy Review
Change is inevitable. The dynamics of life will often require your clients to reassess their personal needs, as the things that once suited their lifestyles don’t necessarily suit them now. A routine reassessment of their life insurance needs should be no different. A policy that was appropriate for them five years ago may not be appropriate in their world today. Help your clients complete a routine life insurance policy review and make sure their existing coverage still meets their current needs.
Benefits of Trust Planning
The American Taxpayer Relief Act of 2012 brought long-awaited clarity to estate tax rules. But while many clients will likely fall below the established exclusion amounts for estate taxes, there are still many reasons why they should consider the tax benefits of trusts funded with life insurance for their estate planning needs.
Life Insurance as an Asset Class
In times of economic uncertainty, many individuals turn to life insurance to help stabilize their investment portfolios. When used as an estate-planning tool, the life insurance policy's proceeds will often yield a more competitive rate of return compared to legacy assets held in a taxable investment.Life Insurance as an Asset Class Agent Flyer
Spousal Lifetime Access Trust (SLAT)
Not only can a SLAT help minimize estate taxes — whether that's a current concern or an anticipated one — it also can provide the beneficiary spouse with the flexibility to receive discretionary lifetime income from the trust. With life insurance, the trust can provide beneficiaries with the best of both worlds: access to trust assets, plus a greater legacy enhanced by life insurance cash values and ultimately a death benefit received free of federal estate and income taxes.
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A stretch IRA can be an effective tool for increasing the wealth that passes to beneficiaries. With a life insurance policy held inside an irrevocable life insurance trust (ILIT), the stretch IRA can result in a larger legacy and give owners more control over how trust assets are distributed.
Leveraged Credit Shelter Trust
If your married clients have significant assets, they may already know the important role an irrevocable Credit Shelter Trust (CST) can play in helping to protect and enhance their legacy for future generations. Life insurance can increase the value of your clients’ trust, allowing more assets to pass to beneficiaries.
Help your clients understand the federal income and estate tax impact on a deferred annuity at death, and suggest an alternative—gifting all or a portion of the current annuity’s value to a trust and purchasing life insurance.
BUSINESS PLANNING CONCEPTS
Your business clients have worked hard to make their dreams a reality. Help ensure the survival of their businesses with life insurance solutions from Symetra.