So why don’t their insurance agents get more involved?
1) Lack of knowledge…what if I tell them something wrong?
2) Don’t know where to turn for ‘backroom support’.
3) What questions to ask? What information to gather?
4) If something goes wrong, they don’t want to lose the client’s other business. 5) Loss of control…once the case is done, who will provide on-going service and support?
6) Don’t want to sell something the client might not need. 7) Takes too much time and the client might go elsewhere anyway.
8) The attorney or accountant or banker will talk them out of doing anything.
Some of these things are easily overcome. Some aren’t and some will depend on the confidence of the client in their agent and the people he or she brings to the table.
Planning starts by asking simple questions.
A) Do you have a will? When was it last reviewed?
B) Do you have a business/farm/ranch succession plan?
C) Have you considered ways to reduce your retirement taxes?
D) Are you getting as much out of your business as you’d like?
E) When was the last time you reviewed your life insurance / health insurance / disability coverage?
F) Since you are buying a new property, we should review the rest of your insurance. How much life insurance do you have currently?
The objective is not to sell them a product. Many people avoid proper planning because they don't want to be "sold" something. And many agents don’t ask because they don’t want to ‘sell’ something…especially something they aren’t familiar with.
Why do we know this? We were there once. We had planning opportunities and no one to turn to for help. So Mike took courses, got his CLU and continues to study Advanced Planning information. Flagship Planning was started to provide agents a place to turn for 'Backroom Support'.
Planning is really about Goals. Clients have goals, whether they’ve done anything to achieve them or not, even discussed them. Our job is to help put those goals in writing and finding the best way to achieve those goals using a broad range of financial service products and Tax Code tools.
Believe it or not, many goals can be achieved without buying anything. Clients appreciate it and are more willing to listen to recommendations that involve buying product or transferring assets.
So why call it “Tax-Strategy Planning?”Most people don’t know what planning is needed and in many situations, it not just estate planning ore retirement planning or life insurance planning or succession planning. Many times clients need combination planning. Tax-Strategy Planning encompasses business insurance, Estate Planning, investment strategies, and retirement planning without conveying a pre-conceived idea about what the client should do.
The US Tax Code offers us a wide range of solutions,
conventional and unconventional,including charitable gifting, premium financing, life settlements, trusts, corporate entities, and much more. We always work with
a clients' other advisors to implement those
solutions
The agent should be the ‘quarterback’. A lawyer needs to prepare legal documents. Accountants may need to review the tax issues when making gifts, forming corporations, setting up trusts, or other changes.
If the client doesn’t have an attorney or accountant that we feel comfortable with, we will refer the client to professionals with planning expertise. An attorney doing a divorce today and a criminal trial tomorrow, with several personal injury cases on his/her desk isn’t going to make an estate plan a priority. An accountant who does tax returns and bookkeeping may not have the expertise to evaluate tax strategies. They are more likely to write a simple will, form a LLC and call the planning done, leaving insurance out.
We have several Planning Solution tools available. You can download or complete Tax-Strategy Questionnaire below or go to the Forms area and download other questionnaires. Thanks to AIG/American General, Lincoln National, and Indianapolis Life, we have planning software, including Tax Facts, worth over $3000 available to us…and you.
Succession
Planning
Whether transferring
a farm or ranch to a child or transferring a
business to partner(s), proper planning is important.
Six
elements in proper planning must be considered:
Death, Disability, Divorce, Critical Illness,
Asset Valuation and Funding
It’s not enough to consult an attorney and buy some term insurance. How does a business deal with an insurability issue, underfunding, retirements, and withdrawals?
Business
Owner
Planning
Those of us who own
businesses want to get more than a good living out of our
business. We expect to retire with what we can take out of the business. Few business owners realize there are a lot tools
to help them
get most out of their business on a tax-efficient
basis.
We
can help clients and their advisors understand
and implement these both traditional and unique, IRS-accepted
tools.
Life
Insurance Planning
Most people have a NEED
for life insurance products. We'll assist agents in helping clients
determine those needs and create s
solution that best fits the client's philosophy
and pocketbook.
We use some of the best planning software available. How much life insurance is needed, what mix of permanent and term, what features or optional benefits to use.
Retirement
Planning
For employers looking for
traditional solutions, or looking to benefit
a few employees, we can help.
Most
people know IRAs and 401k. Fewer realize that
other retirement plan options exist. Using both qualified
and non-qualified plans can increase retirement and lower net taxes..
And
when the client is ready to retire, we can help maximize
retirement income.
Estate
Planning
Many
people think the Estate Tax will be eliminated.
Maybe. But while Congress continues to debate, people forget that in 2011 the Estate Tax rules revert to those in place in the early 1990’s with limited exemptions.
Congress
may change the tax but it does, it could be replaced by other taxes like a Capital Gains Tax on every asset sale or transfer that will actually cause families will pay even more
taxes long-term.
Proper
Estate Planning is still important.
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