Let's face it. No one loves to talk about insurance, but it can be the key to a sound financial plan. You've worked hard for yourself and your family, and it is crucial to protect yourself should the unexpected happen. I will help you determine your insurance needs, based on your unique life situation and risk exposure. Let a competent CPA and Certified Financial Planner™ (CFP®) help you identify your insurance needs, and not some salesperson.
Let's face it. No one loves to talk about insurance, but it can be the key to a sound financial plan. You've worked hard for yourself and your family, and it is crucial to protect yourself should the unexpected happen. I will help you determine your insurance needs, based on your unique life situation and risk exposure. Insurance planning not only includes life insurance, but also heath, vision, dental, disability, long-term care, business insurance, and homeowners or renters to name a few.
By analyzing your current insurance plans, any spousal and dependents needs (including college funding), we will determine the adequate amounts of various insurance coverage you should have, given your risk tolerance and family obligations. The goal is to protect your assets and provide for your family as necessary at the lowest cost to you, given your level of risk tolerance and risk exposure. There are numerous types of life insurance, and benefits can be paid in different ways. I do not work for any specific insurance company, and I only work with financially strong firms to find you the best insurance product and price to fit your needs and meet your goals- only if necessary. As your CPA and CFP® , I have a fiduciary duty to always put your interests above mine, and that is exactly what I do, and I pride myself on my integrity.
Partners (including unequal partners) in closely held businesses often want to maintain control of the business if one of the owners dies, instead of the shares transferring to the deceased partner's heirs. The problem encountered by the surviving partners is coming up with the funds to purchase the deceased partner's share. This is where life-insurance is used in a cross-purchase agreement, to ensure liquidity to buy out the deceased partner's share. In the cross-purchase agreement, each partner or owner buys a life insurance policy on each other owner, with the amounts totally each partner's share. This is an effective method with a small business, but the number of insurance policies required n(n-1), quickly becomes cumbersome, and costly. Another arrangement is to enter into an entity agreement, where the business itself buys one policy on each member, and when one partner dies, the business buys his share. Likewise, many partners will enter into a similar arrangement for the disability of an owner, which has its own set of tax consequences. Rates and Qualifying