As an integrated wealth management firm, the importance of evaluating all aspects of one’s financial picture, from investments and estate plans to taxes and insurance has been one of the cornerstones of our practice.
We feel it is part of our fiduciary obligation to consider the insurance needs of our clients and believe there are numerous effective and appropriate ways to incorporate insurance into an integrated financial plan.
In evaluating insurance needs for our clients, we ask many questions to determine the key factors driving the need for coverage. Examples include the following:
- Are survivor needs the primary concern?
- Is a policy needed for asset protection?
- Will insurance assist in covering estate tax liability?
- Can a policy be used to provide for a liquidity shortage?
- Is there a need for an irrevocable life insurance trust?
- Is insurance needed as a tool to fund education due to an untimely death?
- Is a policy prudent for maximizing gifts to charity?
The reasons to put a policy in place are as varied as the needs of our clients. No two situations are identical.