Manage the risks that concern you the most
Insurance products may offer peace of mind, helping you take steps to avoid perils that could result in a financial downfall. That is why insurance strategies can play an important role in a comprehensive wealth management plan.
Consider life insurance to help provide for the financial needs of your loved ones, should something happen to you, your spouse or anyone else your family depends upon. In addition to the death benefit, life insurance can be used as loan collateral and to create a philanthropic or family legacy.
If you have contributed the maximum amount to your employer-sponsored retirement plan and traditional IRA and you still seek tax-deferred growth for retirement income, consider an annuity, which can provide a steady taxable income for a period that is up to you. Life insurance strategies are also available to help high earners who are not eligible for Roth IRAs receive tax-free income during retirement.
You may also want to consider a disability insurance plan that can replace income and a long-term care plan to help cover the cost of an assisted living or nursing facility.
Life insurance strategies can be employed to either provide funds to pay for anticipated estate taxes or to replace wealth lost to selling assets to pay estate taxes. These strategies may be especially attractive to family businesses and/or property owners who wish to avoid selling highly illiquid assets that may have irreplaceable emotional value to heirs to pay estate taxes.
Important disclosure information about tax and legal advice
The Human Rights Campaign 2018
Scorpio Partnership's Global Private Banking Benchmark Report 2017
Global Private Banking Awards 2017 presented by PWM and The Banker