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Wealth Transfer
- 1. Cincinnati, Ohio Policy Series 0701-3030 WSA 0506-320, 0506-320-U 0506-100, 0506-100-U Rider Series 9401-540, 9401-581-U, 9401-670, 9401-671, 0010-620, 0010-602, 0010-675 AM002 0801 Legacy Master® is issued by Western-Southern Life Assurance Company. Superior Value Life is issued by The Western and Southern Life Insurance Company. Economy Life is issued by The Western and Southern Life Insurance Company. WESTERN-SOUTHERN LIFE® Copyright January 2008. of 14 WEALTH TRANSFER STRATEGIES
- 2. FITTING THE PIECES TOGETHER Legacy Master® is issued by Western-Southern Life Assurance Company. Superior Value Life is issued by The Western and Southern Life Insurance Company. Economy Life is issued by The Western and Southern Life Insurance Company. WESTERN-SOUTHERN LIFE® Copyright January 2008.
- 14. Western & Southern Life of 14 Let’s look at your assets Step 3 Exploring alternatives based on the information we gathered
- 15. WEALTH TRANSFER STRATEGIES of 14
Hinweis der Redaktion
- (Welcome.) (Introductions.) (Time Frame for Presentation and Order of Events)
- Fitting the pieces together for your future legacy is important – Let’s look at how wealth transfer can support your needs. This brief presentation will help you understand how you transfer your assets from one generation to the next. Western & Southern Life is a proud member of Western & Southern Financial Group, a FORTUNE 500 company.
- Why Wealth transfer? Wealth Transfer can help you Maximize and preserve assets Allows for the orderly transfer of assets and Minimizes your taxes and costs and create an immediate estate allowing you to leave your future legacy.
- When looking at your financial assets you need to know they are not taxed the same way. For instance: If the beneficiary of your qualified plan assets is not your spouse, the entire value will be taxed at the beneficiary's income tax rate, when the owner dies. The gain inside a non-qualified plan (non-qualified annuities) is considered taxable income to the beneficiary. A life insurance policy’s death benefit is not considered taxable income. The entire death benefit passes to the beneficiary, upon the Insured’s death. Federal income tax rates range between 10% to 35%. Depending upon how wealth is transferred can make a tremendous difference in the after tax benefit your beneficiary will actually receive.
- Life insurance can help maximize the amount of wealth that can be transferred to your beneficiary. First, depending on your product choice, it offers tax benefits that are only available for life insurance policies. Second, it may have growth potential. This means the amount of income tax free death benefit that is paid to your beneficiary may increase over time. Third, life offers full guarantees throughout the Insured’s lifetime. Simply stated, life insurance has a death benefit that is guaranteed throughout the Insured’s entire life – even if the Insured lives beyond age 100, unless a stated duration is selected, it is cancelled by cash surrender or the policy has excessive loans.
- The death benefit paid from a life insurance policy is paid to your beneficiary free of any income taxes. A single life policy is capable of paying multiple beneficiaries. A “beneficiary” may include family members, charities, close friend, or caregiver. It’s up to you. Cash values grow income tax deferred. Simple stated, any increase in cash value is not currently taxed as income.
- The owner may access their cash values. If money is taken from the policy in the form of a policy loan or partial surrender, it is likely that a portion of the policy loan or partial surrender may be taxed at the owner’s income tax rate.
- You can create a large, and immediate income tax free death benefit and your policy premium guarantees the face amount for the Insured’s lifetime – even past age 100, unless cancelled by cash surrender or excessive loans. The income tax free death benefit is paid to the beneficiary.
- The instability of the economy can never cause your life policy to lose its guarantees. This is a powerful statement in today’s economic environment. Life insurance death benefits pass to your named beneficiary free of the cost and delays of probate. Note to Producer: If you recommend Legacy Master ® : There are only two ways in which Legacy Master ® can lapse (1) the owner surrenders it for cash (e.g., cash surrender) and/or (2) the owner takes out policy loans such that the interest expense causes the policy to exhaust itself (excessive policy loans). As long as the owner does not surrender the policy or take any policy loans, the death benefit is guaranteed throughout the insured’s lifetime.
- You can choose to pay one lump sum premium for a single premium life policy or periodic premiums, the choice is yours. Once your periodic premium payment is selected, you must maintain that premium payment to assure your policy will stay inforce. The single premium payment policy allows you that peace of mind in knowing your policy is fully paid and inforce once approved. It may also be possible to transfer existing financial assets into a single premium life policy once we determine your insurability, that will guarantee more of your wealth will be transferred to your beneficiary.
- Life insurance increases the estate value immediately after the policy is issued. The death benefit is paid without any income tax consequences and the death benefit and cash values are guaranteed. And, unlike other personal property, life insurance is not subject to the cost and delays of probate, as long as the beneficiary is not an estate. Finally, if you need to access the policy’s values, you can. Note to Producer: if recommending Legacy Master ® : There are only two ways in which Legacy Master ® can lapse (1) the owner surrenders it for cash (e.g., cash surrender) and/or (2) the owner takes out policy loans such that the interest expense causes the policy to exhaust itself (excessive policy loan). As long as the owner does not surrender the policy or take any policy loans, the death benefit is guaranteed throughout the insured’s lifetime.
- Guarantees are important. Life policy guarantees are only as good as the underwriting company supporting them. Thankfully, that company is The Western and Southern Life Insurance Company. The Western and Southern Life Insurance Company is among the highest financially rated insurance companies in the United States.
- We are now at step 3 of the process and I would like to continue our conversation if that is acceptable?
- Now that we have explored Wealth Transfer Strategies we need to determine how you can fund this type of concept. Here is where we will look at your current assets and determine if there are any available to fund a Wealth Transfer strategy. Let’s take a look at the information we gathered earlier on your current assets…. Sales Representative NOTE: At this stage, if permission is granted and the client understands the Wealth Transfer Strategy you should return to the Client Profiler in the Financial Focus software program. Here you should look at each individual asset and re-explore the purpose, rate of return and maturity date of each asset. Discuss with your prospect the comfort level and availability of these funds. Be sure to identify the assets as qualified or non-qualified as this could create a tax event for the client. For specific training on how to determine a Wealth Transfer need please review the “Serving the Needs of Seniors” EdLive.
- There has never been a better time to secure your Legacy lives on through your heirs with your own wealth transfer strategy.