Insurance Planning. Transfer your wealth tax free and preserve it for the next generation.
PROTECTION AND PLANNING
Insurance Planning. Transfer your wealth tax-free and preserve it for the next generation.
PROTECTION AND PLANNING
Protection and Legacy Solutions
MAXIMIZE YOUR WEALTH
Life Insurance plays a vital role in a comprehensive financial plan, serving as a valuable tool for safeguarding investments. With diverse insurance solutions, you can protect yourself and your family from the financial impact of accidents, illness, disability, and death, while also creating a lasting legacy for your loved ones.
ASSET PROTECTION
We are corporate life insurance specialists that design and implement insurance strategies for successful business owners and Incorporated professionals. Life insurance is the most tax effective tool when it comes to accumulating wealth on a tax free basis, enhancing a legacy, preserving an estate, or providing your family with financial security.
PRESERVE YOUR ESTATE
Shareholders of private corporations face a potentially significant tax liability on death, or if a shareholder is married, on the last to die of the shareholder and their spouse. The corporation can purchase a life insurance policy on the life of a shareholder transferring corporate investment dollars, which are taxed at an unfavorable rate, into a life insurance policy where the investments and death benefit accumulate on a tax-free basis. On the shareholder’s death the corporation receives the life insurance proceeds tax free and the life insurance proceeds less the adjusted cost basis(ACB) are added to the capital dividend account and then paid to the estate as a tax-free capital dividend.
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CRITIAL ILLNESS & DISABILITY PROTECTION
If you are ever diagnosed with a critical illness covered in your insurance contract, you'll receive a tax-free lump sum payment to use as you see fit. This payment acts as a shield, protecting you and your family from the financial strain and lifestyle upheaval that comes with managing and surviving the illness. Such insurance is particularly crucial if you have dependents.
Disability can strike suddenly or develop gradually, such as through a degenerative condition. It can strip you of your ability to earn a living. Disability insurance safeguards your income by providing coverage if you become disabled and cannot meet your financial obligations. Like Life Insurance, people often obtain Disability Insurance Policies through their employers. Reviewing group coverage to fully understand the specific benefits carefully is important.
Long-Term Care Coverage addresses the diverse healthcare, social, and personal care needs of individuals who are no longer capable of self-care. This type of insurance is affordable and designed to be purchased without depleting your savings or compromising your lifestyle. Rates for Long-Term Care Coverage are determined by your health, age, and the coverage you choose to purchase.
WEALTH ACCUMULATION
Whole life insurance provides permanent life insurance coverage and an investment component that accumulates on a tax free basis. Passive investments inside your corporation such as high interest savings accounts, stocks, mutual funds, or bonds are taxed at unfavorable rates, and they could reduce your access to the small business tax rate. Corporations can redirect a portion of their passive investments into a tax exempt life insurance policy where these assets will now accumulate on a tax free basis and help the corporation retain its small business tax rate.
Our team of Insurance specialists along with members from our tax and estate planning department will review these strategies with you in detail to see if it is appropriate for your unique situation.
