Planning for the Future Through Financial Services
The changes in your world – from the car you drive to the house you live in – are only symbolic of the actual changes that have occurred in your life. While keeping pace with change is important, anticipating future needs and being prepared for them has even greater value.
When was the last time you assessed your life insurance coverage? Have you considered how your financial, health and personal care needs will be met after retirement? Who will pay if you become infirmed or require long term care such as that provided by a nursing home?
The Signature B&B Companies (TSBBC)’s Financial Services Department advises companies and individuals on group insurance, life insurance, pension plans, disability and health insurance, and long term care policies. Our goal is to make sure our clients have the right insurance coverage for their current and future needs at the best premiums.
Since TSBBC represents a number of outstanding insurance carriers, we are not committed to any one insurance market. This leaves a wide choice of plans at favorable rates, which can be tailored to meet an individual’s or a company’s requirements.
Most people underestimate the amount required to see their children through college, or to allow a surviving spouse to maintain his or her standard of living. Selecting the right insurance product and coverage is key to meeting these needs.
Available life insurance options range from Term Life, which provides low current rates that increase with age, to various types of permanent life policies such as Whole Life, Universal Life and Variable Universal Life, which provide investment value and lifetime coverage. Our professional staff will work with you to recommend the most appropriate coverage options for your specific situation.
Life insurance often plays a critical role in planning for the estate of high net worth individuals and families.
Estates often include non-liquid property such as artwork, jewelry and other family heirlooms as well as privately owned businesses. Without life insurance to cover estate tax and liquidity needs, heirs may be forced to liquidate these assets to cover estate tax and living expenses.
While life insurance can be a valuable tool in providing for the cash needs of the estate and the heirs, there are serious pitfalls for the unwary. Our team of experienced financial planners includes professionals with accounting and legal backgrounds, who can ensure that policy ownership is correctly structured to avoid estate taxes and the proper coverages are in place to meet cash needs of your estate.
Business continuity planning
One of the most critical issues for any privately owned business is maintaining continuity in the event an owner or key employee dies or retires. There are several issues that may have to be addressed under these circumstances:
- Payment of estate taxes for a deceased owner
- Payment to the owner or the owner’s heir(s) for their share of the business
- Providing funds to cover the resulting loss of income while a replacement is hired and trained
Generally, your attorney and your accountant should be involved in examining options and preparing a succession and continuity plan. In addition, the expertise of an insurance professional with private enterprise estate planning and continuity experience is important to help you select appropriate coverages to provide for estate taxes, buyouts and loss of income.
With a team of financial planners with legal and accounting expertise, we can help you develop an insurance program to address your estate planning needs, the sale or purchase of a business, insurance for CEOs or other key people, and other business succession planning issues.
In the event that you become injured or are otherwise unable to work, your family’s expenses are unlikely to significantly shrink. In addition, you may be faced with high medical costs and other expenses related to your disability.
Depending on the nature of your disability and your occupation, your short term or long term earnings may be impacted once you return to work. Selecting an appropriate policy and coverages is essential to ensuring your family’s financial health.
Long term care
With longer life expectancies, a significant number of Americans can expect to spend time in a long term care facility, with monthly costs approaching or surpassing five figures in most areas. Should the need arise, long term care insurance will allow you to stay in a quality facility, without wiping out a lifetime of savings that would be better passed on to your loved ones.
The best time to consider a long term care policy is while you are younger, as rates rise sharply as you age.