Here’s a 6 step Estate Planning Process that will ensure you are able to provide your high net-worth clients with advanced planning, in-depth knowledge and experience, the ultimate in service and support, and customized insurance solutions. Continue reading “The 6 Step Estate Planning Process”
Category: Insurance
Improve High Net-Worth Client Sales Outcome
Working on high net-worth life insurance cases creates added complexity while demanding increasingly advanced planning. So how can you access advanced estate and tax planning expertise coupled with a deep understanding of life insurance and its custom application – all to help you reduce the overall complexity of large case sales?
Watch this video to find out. Continue reading “Improve High Net-Worth Client Sales Outcome”
A Murky Path: Continuing Concern Over Beneficiary Designation Legislation
In our previous The Beneficiary Challenge article, we discussed the 2020 Ontario Superior Court case regarding Calmusky v Calmusky. One of the key issues in this case involved the designation of Gary Calmusky as the beneficiary under his deceased father’s Registered Retirement Income Fund (RRIF). This caused quite a stir when Randy, the other adult son, argued that these funds should not have been administered to Gary directly. Randy then took the case to court, maintaining that the RRIF was held in trust for the estate of the father. He also argued that a bank account, previously held jointly by Gary and the father, was also held in trust for the estate.
At that time, the Court decided that a joint bank account should be held in trust for the estate when it resulted from a gratuitous transfer of an asset to an adult child, unless the child can prove that it was the deceased’s intention to gift the asset to them directly. This was consistent with established case law. However, the court then went on to apply this very same principle to the RRIF beneficiary designation, regardless of legislation already in place honouring such designations! In doing so, the court created doubt as to whether routine designations, whether they be in registered plans or insurance, would now be subject to increased legal scrutiny and litigation.
The Calmusky case was heavily criticized in legal and financial circles. Subsequently, in the 2021 case of Mak Estate v. Mak, a different judge of the same court came to the opposite conclusion from the judge in the Calmusky case. In the Mak case, in considering a RRIF designation of an adult child, the court stated that there was “good reason to doubt the conclusion that the doctrine of resulting trust applies to a beneficiary designation”. The judge’s comments suggest that there is no requirement to determine the intent of an individual who designates a beneficiary supported by legislation, such as that governing registered plans and insurance. Continue reading “A Murky Path: Continuing Concern Over Beneficiary Designation Legislation”
Planning Opportunities in the Women’s Market
As you plan your business development strategies for the coming year and beyond, it may be a good time to consider truly untapped opportunities in the marketplace. For example, understanding how women relate to money and being sensitive to the unique challenges women face can set you apart from your peers.
Watch this video to learn more about this key market segment and how you can make a difference. Continue reading “Planning Opportunities in the Women’s Market”
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Planning for Your Financial Future
The Death Claims Process – Meeting with Your Client
As an Advisor, you continually strive to help your clients plan for their estate planning needs and the needs of their family. Your clients have placed the ultimate confidence in you, entrusting you with the incredible responsibility of representing them after they pass, in order to ensure that their estate wishes are fulfilled. The death of a family member is always traumatic and you have an important role in helping your clients’ beneficiaries through this process with care and understanding.
In her 2018 article Coach Clients on Death Claims, author Suzanne Yar Kahn highlights insights from several Canadian insurance advisors about the life insurance claims process. One advisor recommends meeting with your clients and their named beneficiaries today to ensure that there is no confusion when it comes to your client’s wishes and that everyone, including family and beneficiaries, are aware of what to expect when that time comes (1). These meetings are a great way to build client/advisor trust and offer your client the peace of mind that they are looking for at that time. Additionally, these meetings allow you to meet and get to know the named beneficiaries – so you can better support them in the future. Continue reading “The Death Claims Process – Meeting with Your Client”
Love and Money
Ah love… such a wonderful thing, but sometimes financial strains and worries can get in the way. In fact, 84% of respondents in a Money Magazine survey said that money was the source of marital tensions with disagreements about financial priorities topping the list of problems (1). So, how should your client handle their money in order to avoid these wicked pangs of love?
Here are few insights to share with your clients to help them keep their pocketbooks full and those love lights burning strong (without all those headaches!). Continue reading “Love and Money”
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Love and Money
SMART TALK… about digital assets
Your client has been fairly savvy about their physical assets – they’ve made detailed lists and secured a representative to handle these assets when they are no longer here. However, have they considered their digital assets? Your client’s bank accounts, their social media and online family photos are valuable and need to be protected.
Watch this video, part of our SMART TALK series, and share it with your clients to demonstrate the importance of safeguarding digital assets. Continue reading “SMART TALK… about digital assets”
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SMART TALK…about digital assets
Insurance Solutions for Today and Tomorrow
There are so many different options when it comes to insurance, and the stage of life that your clients are in will most certainly determine the types of conversations that you will want to engage in with them. Generally speaking, there are two types of insurance conversations that you will have with your client.
The first conversation will typically take place when your client is in their younger years and revolves around their need for income replacement. Your client’s insurance needs involve a somewhat simple snapshot of current possible risks to their loved ones’ financial situation today. The main focus of this conversation is to illustrate how insurance can help your client’s family maintain the same standard of living in the event of an unexpected occurrence.
That second conversation tends to occur when your client is a little older, a little more financially stable and it’s all about asset protection. In fact, your client will have less of an actual need for something and more of a desire to build wealth and facilitate their estate and tax planning.
But what if you could offer your client both in a single policy – the income protection they need today and the chance to build their assets for the future? We’re constantly encouraged to live in the now, which is great. But when it comes to insurance planning, is “now” the best viewpoint for your client? Term insurance, although a solid option, tends to be short sighted and does not take your client’s long-term needs – their assets, tax and estate planning – into account. As an Advisor, your role is to help them see the big picture, not just the short-term solution with an option to convert to a permanent solution at a later time and at a higher cost. Continue reading “Insurance Solutions for Today and Tomorrow”
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Choosing Insurance that Grows with You
The Family Divide – Policy Transfers Between Family
Life is an uncertain road and for your client, circumstances may change where they one day need to transfer ownership of their personally owned life insurance. It does happen and in many cases, the transfer results in a taxable disposition of the life insurance. However, there are some tax-deferred “rollovers” available for transfers to spouses and children. Continue reading “The Family Divide – Policy Transfers Between Family”
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The Family Divide: Policy Transfers Amongst Family
Critical Illness Insurance – Financial Protection for Your Client
Critical illness insurance (CI) is still one of the most compelling protection products on the market today. In addition to providing lump-sum payments in the event of 20+ major illnesses, it also gives your client flexible options to return their premiums (in full!) should they live a long and healthy life.
The fact is that 1 in 3 women and 2 in 5 men have a chance of developing a critical illness in their lifetime – an illness that could derail your client’s financial security, retirement planning or even their way of life altogether (1). The risk is real and all of us have witnessed how an illness can affect a family and its finances.
Yet, unlike life insurance, your client will be able to actually see the benefit of this product, beyond providing for a beneficiary, during their lifetime. CI allows your client to protect themselves financially, allowing them to focus on treatments, a speedy recovery, as well as the purchase of additional medical care if needed. Continue reading “Critical Illness Insurance – Financial Protection for Your Client”