Insurance and Asset Protection
Insurance Key Questions:
- How does your life insurance fit into your total financial plan?
- How has your life changed since you last spoke to your insurance professional?
- Were interest rates significantly higher when you purchased your traditional life insurance policy?
- Do you own Variable Life Insurance?
- Do you know reasons why your life insurance might lapse?
- If you own term insurance, when does it terminate?
- What are your family's top priorities today? What will they be in 5 to 10 years?
Some of the threats to the retirement nest egg are:
- Liability on Loan Guarantees
- Suits by employees (discrimination, sexual harassment and wrongful termination)
- Malpractice Suits
- Government Civil Action
The Financial Advisor's Role - Inform/Motivate the Client to:
- Carry adequate malpractice, property, and casualty and personal umbrella coverage.
- Watch what you sign!
- Use the Proper Form of Business Organization
- Choose Investments Wisely
- Giving up Control
- Keeping it in the Family
- Trusts require the loss of control and are irrevocable
- Spendthrift Trusts
- Lifetime Q-Tip Trust
- Foreign Sites Trust