1. Advanced Estate Planning with Guaranteed Universal Life Insurance.  We broker through the largest General Agent in the nation to submit our cases.  Therefore we get preferential underwriting, in addition to the most competitive pricing.  We specialize in concierge case design and management with large cases.  Our commitment to you is to deliver top notch customer service that we know your clients demand.

2. Given a client is in good health we can potentially offer substantial decreases in premiums and or increases in death benefit with a review of policies that were put inforce prior to 2001.  For example an insured with 1MM in Death Benefit may get 2MM of coverage for the same premiums.  IRR’s for insured’s in good health can be quite good in many cases.

3. Clients in high tax brackets may be able to take advantage of 412 I Fixed Defined Benefit plans that allow the MAXIMUM PRETAX CONTRIBUTIONS of any qualified plan, potentially as large as $300,000 per yr, in contrast to an IRA maximum of $6000.

4. Clients that have maxed out contributions to qualified plans or who have employees may be able to use other insured products to great advantage as well.

5. Key Man, Buy Sell, Split Dollar and “Golden Handcuff” Agreements.

6. Planned Giving, Planned Gifting and Charitable Annuities.

7. Fixed and Indexed annuities which can offer the peace of mind of a guaranteed income stream.

Let us know how we can help with your case design or any other questions about life insurance you may have.

Call Drew Kitchell, – Devlin Financial Services  Ph # 970-925-9090

Advanced Estate Planning – Life Brokerage – Insurance Solutions in Aspen Colorado

However if you have a whole life policy you may have enough cash in the policy to cover the premium amount for several years using what many companies call an “automatic premium loan”.

When this happens the premium is deducted from the cash value and you will pay make up premiums later in the policy and or pay back a policy loan.  If you wish to never pay premiums again you can call the company and do what is called surreneder the policy for paid up. 

If you wish to do this you should consult a (live) agent as you should determine if the cash value in the policy will fund replacement insurance that would have approximatley the same coverage as the current coverage, but without the premiums.

If this is your situation call us at 970-925-9600 and we can help you out.

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Individuals that may be subject to the Estate Tax in the future often consider using Irrevocable Life Insurance Trusts for the purpose of Estate Tax Mitigation.  Given that affluent individuals whose estates are larger than current exemption amounts are subject to the 45% Estate Tax, it is wise to use any means possible to attempt to mitigate this tax. 

The current Estate Tax exemption is $3.5 Million per individual and $7 Million per couple.  Meaning that if you have an estate that is $7 Million or less if you were to pass away today you would owe no Estate Tax, however, read on as this will change.  The current exemption of $3.5 Million is a large amount in light of previous exemptions and it is this author’s opinion that given the state of the economy and the Trillions of Dollars that the US Government is committing to the economic crisis that it is also an unsustainable one.  The current exclusion is $3.5 Million in 2009, $1 Million in 2010 and a repeal or sunset in 2011. A total repeal or sunset is highly unlikely and the Estate Tax or “Death Tax” is currently very much a hot topic in Washington with some Democrats siding with Republicans in an attempt to repeal or raise the limits.  However, political leanings aside, it is my forecast that the Estate Tax will return to the Clinton era levels of $1 Million.  This is again due to the overwhelming pressures of stimulus/bailout spending for the economy in addition to the Billions upon Billions committed or already spent in Iraq and Afghanistan.  There have been years of astronomical spending and the Government appears to be fairly quiet about how all of it is going to be paid for.  The Estate Tax is a 100 Billion Dollar question, and as we all know every 100 Billion counts.

What does all of this mean to the high net worth individual who wishes to protect his or her nest egg from predation by the IRS?  What it means is that we use any and every tool possible to attempt to mitigate the Estate Tax.  One of the most effective and efficient tools available for Wealth Transfer Management is the Irrevocable Life Insurance Trust.  How an Irrevocable Life Insurance Trust works is a Life Insurance policy is put inside of a Trust which transfers the proceeds of said Life Insurance Policy outside of the Grantors estate upon their passing thereby making the proceeds Estate Tax free.   Annual Gifts are made to the trust, with which the trustee can make premium payments.  An attempt is always made to keep these gifts within both the lifetime gift exemption of 1 Million Dollars and the yearly gift exclusion of up to $12,000 per beneficiary.  If the estate is extremely large this gets very complex and is outside the scope of this article, however it is possible to use a variety of other methods such as Grantor Retained Annuity Trusts in conjunction with the Irrevocable Life Insurance Trust very effectively even for estates at the highest levels.

Due to the nature of the trust beneficiaries must have a limited right to withdraw the gift for a short time after the grantor makes the gift.  Also the Irrevocable Life Insurance Trust can be used with both existing and new life insurance policies however existing life insurance policies present challenges that are not present with new policies specifically designed with the trust as the beneficiary.  An existing policy that is put into an Irrevocable Life Insurance Trust for the purposes of Estate Tax Mitigation is subject to a 3 year inclusion period.  This means that the Death Benefit will still be subject to the Estate Tax for the 3 year inclusion period.  Additional drawbacks to using a current policy in trust include the potential for the cash value of the policy being counted as a gift subject to the gift tax. 

If the insured is still in good health it may be better and cheaper to use the cash value in the previous Life Insurance Policy to fund a new replacement Life Insurance policy to be put into the Irrevocable Life Insurance Trust.

If you need term life insurance check http://quicklifecenter.com/termratequote/  

If you want any of the aforementioned products or services give us a call at 970-925-9600 also check http://fpaspen.com

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