Are You Working With Business Owners
In their Transition Phase?
65+ YEARS OLD
Planning Their Exit Strategy
Looking at Retirement
For those looking to purchase life insurance, there are a few policies that are well-suited for business owners in the transition phase and their specific needs and goals.
Your clients have worked a lifetime to create financial security for themselves and their family. They are comfortable and have assets that they may not need to fund their retirement. How can we best prepare them now to pass their wealth on to their loved ones?
With proper planning, it is possible for older generations to utilize assets that are not needed for everyday living expenses and make more efficient use of them for the benefit of future generations, while still maintaining control over these assets.
For business owners, planning for the future is a vital part of being an entrepreneur. Not only is it important for one’s personal success, but to ensure the wellness of the business itself.
A buy-sell agreement is a contract that stipulates what happens to the business when a partner leaves. Circumstances can vary, including death, illness, or retirement. When that happens, the remaining partner(s) will need to buy out that person’s stake in the business.
There are several factors that will affect your ability to pass on wealth to your family. When you set money aside to pass on to your family, there are several factors that can impact how well it performs in the marketplace as well as how efficiently it can be handed off to your family.
One asset class many people may have not considered is Cash Value Life Insurance. Cash value life insurance allows tax-deferred accumulation of cash values to provide income options for retirement, college funding, or other needs and objectives.
Life insurance solutions are always possible no matter a person’s age. If you have clients who are business owners in transition and are seeking options that are right for their current personal and financial situations, we have strategies that work for them. Contact the Advisor’s Resource team to learn more.