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Robert W. Finnegan Published in April 2019 Trusts & Estates

We are pleased to announce that the following article by Robert W. Finnegan, J.D., CLU®, AEP®, was recently published in the April Trusts & Estates.

 IRC Section 6166 Revisited
A way to avoid a forced or fire sale of a closely held business to pay taxes

Code §6166 allows a decedent who was a US citizen or resident at the time of death to defer estate taxes attributable to a closely held business.  This article takes an objective look at the requirements, limitations and pros and cons of Code §6166 as well as how life insurance can complement its use.

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Trusts & Estates is the pre-eminent, peer review journal and website for wealth management professionals serving the needs of high-net-worth clients, family business owners, family offices, charitably inclined donors and non-profit corporations. Click here to learn more about Trusts & Estates.

Bob Finnegan is the Senior Vice President, Advanced Planning Attorney for Highland Capital Brokerage and a member of the Trusts & Estates magazine Insurance Committee. At Highland, Bob specializes in advanced planning for high net worth and ultra-high net worth clients. Bob can be reached at 518.424.8928 or bfinnegan@highland.com.


Backstage at Highland: Nancy Simm, CLTC, LTCP, CSA, Director, LTC & Longevity Planning

Highland Capital Brokerage provides superior client service through a vast network of business and underwriting experts. Each of our team members has longstanding experience and is committed to helping you serve clients. BACKSTAGE, our new blogpost series, takes you behind the scenes so you can learn more about your dedicated professionals.

Nancy Simm, CLTC, LTCP, CSA
Director, LTC & Longevity Planning
Highland Capital Brokerage

Benjamin Franklin once remarked the only certainties in life were death and taxes. But America’s most beloved patriot could never have foreseen a third possibility — caring for a rapidly aging population — because average life expectancy in 1776 was only 35 years of age.

Average life expectancy now hovers around age 79 in the U.S. and age 84 in Japan, and it’s rising fast worldwide. By 2030, one-fifth of the U.S. population will be 65-plus. In South Korea, life expectancy is expected to reach 90 years of age.

What does all this mean for clients and their advisors? Nancy Simm, our Director of Long-Term Care and Longevity Planning, has spent most of her adult life working in this field and thinking through the ramifications. The upshot? When it comes to long-term-care coverage, everyone should have a plan for it.


Two Lifelong Buddies…But Only One Had a Business Retirement Secret

Bill Jordon and Sam Franklin have been lifelong buddies since kindergarten. Legend has it the friendship began when Bill threw a building block at Sam’s head and Sam retaliated by pouring Elmer’s Glue into Sam’s shoes during naptime. Since then they’ve been close friends, regularly planning get-togethers with their wives and children. Yet at the same time, whether on the golf course or in business, they remained lifelong, but friendly competitors.

Over the past few months, Bill and Sam have been talking a lot about retirement. Bill’s business has grown to employ more than 30 people and has allowed Bill to take a decent salary for his entire career. One reason why Bill’s business has been so successful is that, since his business was founded, Bill has reinvested all the profits he could back into the business.


Executive Disability: Bridging the Group Coverage Gap

Are you a business owner or highly compensated employee?  If so, your group disability coverage may be riskier than it looks and poorly suited to your needs.

Group Long Term Disability (GLTD) is a valuable employee benefit. It generally kicks in after 90 days to 180 days after a short-term disability and covers 60% of income. This would seem to be an adequate amount of protection, but it’s not.

One reason: these policies typically feature a monthly benefit cap in the $5,000 to $10,000 range. This limit in effect punishes successful people, because coverage on a percentage basis decreases as earnings increase.

Wait…what?


Backstage at Highland: Tom Ellefsen, CLU®, ChFC®, Director, Advanced Case Design

Highland Capital Brokerage provides superior client service through a vast network of business and underwriting experts. Each of our team members has longstanding experience and is committed to helping you serve clients. BACKSTAGE, our new blogpost series, takes you behind the scenes so you can learn more about your dedicated professionals.

Tom EllefsenTom Ellefsen, CLU®, ChFC®
Director, Advanced Case Design
Highland Capital Brokerage

After more than 27 years of experience in product development, product support and advanced case design, Tom Ellefsen knows full well how life insurance can function as a wealth transfer, wealth accumulation, business protection or estate planning vehicle. Tom makes it happen for large cases by putting together presentations, packages and illustrations that enable advisors to easily explain what they have in mind for a client.


April 2019 LTC Newsletter

LTC in the News

The word is spreading. Major news outlets are letting the American people know the importance of long-term care planning. Are you? Here are a few recent third party articles.


Meet Advanced Planning Team Member Robert W. Finnegan, J.D., CLU®, AEP, Senior Vice President, Advanced Planning Attorney


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