As an insurance producer working with high net worth individuals, there are plenty of ways to ensure their families can take advantage of the money they have set aside for them without losing a large percentage of it in taxes.
Back in the 1700’s English theologian Isaac Watts said “Learning to trust is one of life’s most difficult tasks.” Watts did not take part in LIMRA’s study of the middle market but his sentiment is strongly represented. In the study nearly 70 percent of consumers said it was hard to know which online sources of financial advice they could trust.
While the lawsuit that led the Supreme Court finding the Defense of Marriage Act unconstitutional, United States v. Windsor, largely regarded tax laws related to inheritance, there were a number of additional implications the ruling had on same-sex couples across the country.
Most Americans who have been working for their entire adult lives have some plans regarding their retirement, whether that’s through a sophisticated savings plan or just keeping some money stashed between their mattress and box spring. Of course, many companies these days offer their employees an easy option to save in the form of a 401(k) or an individual retirement account (IRA).
Do estate taxes keep your clients up at night? Do they worry about the amount of money they can pass to their heirs? This is a common concern among high net worth individuals, many of whom worked extremely hard to generate wealth that gives them the peace of mind knowing their spouse, children and grandchildren will be taken care of once they’re gone. For married individuals, a Credit Shelter Trust (CST) may be the right solution to help them avoid estate taxes when passing wealth on to their beneficiaries.