I protect individuals, families and businesses from six common threats that can loom in anyone’s future at any time. Whether we are young or old, these threats can impact our ability to save, pass on wealth, continue business as usual and generally live our best life. 

In case you’re wondering, these six threats are death, taxes, creditors, disability/illness, spendthrifts and outliving your income. Regardless of who we are, or how invincible and lucky we may feel, one or more of these threats are looming in our future.  Thankfully, there are affordable products and services that can protect us and help significantly reduce the risks posed by these threats.

Let’s analyze how the wisest among us manage the risks posed by these threats by using products and services that reduce or entirely eliminate their consequences.

Death

We tend to think of death as final.  In reality though, it is anything but final.  When we die, we may leave behind children, grandchildren, a spouse and other family.  We leave behind a job or, if we were an entrepreneur, we leave behind a business. After we pass, life goes on and external forces swoop in to fill the gap we left behind.  Those external forces could be a lender threatening to repossess a home, a business struggling to operate without its leader or key employee, or a spouse and children facing potential hardship without you as the full-time breadwinner. It may even mean a close family member taking out a loan to cover your final expenses. 

These situations are worse case scenarios that can be avoided by investing in products that are tailored specifically to lessen the financial impact of death. Typically, these products pay beneficiaries of your choice (it could be a family member, multiple family members, a business and/or a charity) and that payment is generally tax free.  Because I’m an independent agent that works with multiple carriers, I can search the market for the best products, then work with my team to create a custom fitted solution that can cover an entire mortgage balance, pay a widowed spouse and children enough to replace years of your income and/or provide enough funds for a business to continue without you in the event of your death.  In many cases, I can even find affordable solutions that can cover your final burial or cremation expenses so that your family does not need to be burdened by those costs in the event of your passing.

Taxes

When we make money, own property, pay employees, receive certain gifts or benefits or pay for certain products or services we are required to pay taxes.  While there is a legal obligation to pay taxes for which you are liable, there is no legal or moral obligation to make yourself liable for taxes when you legally have the choice not to be.  I work closely with estate planning lawyers and tax professionals to help clients like you structure payments, property ownership, transfers of wealth and employee benefits in such a way that you can significantly reduce your personal or business tax liability. This is possible due to the following reasons:

• Certain trust formations can generally protect property under your control from incurring personal tax liability
• The proceeds of life insurance are seen by the IRS as a return of premium and are generally tax free
• Annuity payments (except for variable annuities) are generally tax free
• The cost of employee benefits is tax deductible

“…affordable solutions … can cover your final burial or cremation expenses so that your family does not need to be burdened by those costs in the event of your passing.”

Creditors

If you owe debt to creditors you run the risk of your estate being required to pay them by liquidating your assets after you pass away.  During your life, filing for bankruptcy can result in being forced to liquidate assets you own in order to pay creditors. 

Without professional help, this can severely impact your ability to leave a legacy to the next generation.

I work with estate planning lawyers to look for ways to shelter money and assets that you wish to preserve for the benefit of future generations. 

Disability/Illness

When we are blessed with health, it is easier to be productive.  This productivity allows us to pay our mortgage or rent, pay our bills and afford a certain lifestyle for ourselves and our families.  However, illness or disability can strike at any time and threaten our ability to work.  Indeed, many of the accidents and ailments that killed people outright in the past now result, instead, in disability and disabling illness. There are, however, ways to reduce the financial impact and replace lost income.  In many cases this can be done through affordable add-ons to life insurance products that can provide generally tax-free income should you or your family are faced with a disabled breadwinner. 

Spendthrifts

It’s a fact that while we want the best for our heirs, we cannot be sure that they will always act in their own financial best interests with the legacy we pass on to them.  Those beneficiaries who are likely to quickly spend down any gifts they receive are called “spendthrifts” in the financial planning world. Fortunately, there are solutions that structure payments and property ownership in such a way that these individuals can be beneficiaries of your legacy without being given the control that could result in them squandering their wealth.

Living a Long Life

People who have a long lifespan are often viewed as being fortunate.  However, living a long time often means spending longer than expected in retirement and thus outliving your income and savings.  Without planning in place, this could mean depleting your savings and assets and becoming one of the over 15 million (or roughly 1 in 3) Americans aged 65+ who are economically insecure.  The good news is that with prior planning, there are products that provide financial security and guaranteed income during a time when you may not be as willing and able to work.  These products can provide security for you in your golden years as well as help you to create and preserve a legacy for future generations or your favorite charity.

Financial Planning, Risk Management and Asset Protection

As an independent agent, I am not bound to one financial institution’s product list. As your dedicated and state-licensed financial professional, I search the market for solutions that best fit your specific case. After finding the financial instruments and services that meet your needs, I present these to you at no cost and with no obligation. At no point would you ever need to pay me directly.  My time is always free to you as I make my money from the carriers that provide the products or services that I introduce to you.

Together, let’s look for financial opportunities and come up with solutions that make a difference for the future of your loved ones and your business. Click here to book a consultation via Zoom or click here to book an in-person consultation if you live in Southeast Florida.