Using Insurance In Wealth Planning
By 2052, it is estimated that approximately $41 trillion in US assets will have changed hands. Families, and this means wealthy families in particular, have needs in the area of specialized estate planning that can be confused by the introduction of complex estate planning strategies laced with legalese. To help overcome this, the Pacific Life Insurance Company and Pacific Life & Annuity Company are offering a kit that contains materials written in plain English that can show you how life insurance can be used to stabilize and strengthen estate planning techniques.
Pacific Life’s vice president for marketing services, Alyce Peterson, explains that by employing life insurance in a client’s estate planning it is possible to provide a death benefit that can be designated for use in paying off any pending estate taxes.
When you combine a life insurance policy with estate planning you can also:
Deep away with the possibly forced liquidation of assets (to pay estate expenses)
Renew wealth so that it can be passed on from generation to generation
infuse positive behaviors among heirs (as expected needs are met)
Make inheritances between family members equal and fair
Designate a charitable legacy
Clarify which assets are to be retained, which sold and which donated.
As Vice President Peterson explains it, there are many company clients that become overwhelmed and even overly cautious when they have to deal with complex planning strategies and try to decipher the legal language that is involved. She explains that the company’s new resource guide book is in plain English format and includes fact finders that address this problem.
The booklet, “What the Wealthiest Families Know” and the included kit is available to financial professionals by contacting their Pacific Life Insurance Company or Pacific Life & Annuity Company representative.
Pacific Life Insurance Company
The company was originally founded in 1868, as Pacific Life Insurance Company and established to provide life insurance products, annuities, and mutual funds. In addition, the company offers a range of investment products as well as services to individuals, businesses, and pension plans. The company, Pacific Life numbers more than half of the largest one hundred United States companies as clients and is also a member of the Insurance Marketplace Standards Association (IMSA). The Insurance Marketplace Standards Association is known for its promotion of high ethical standards in the selling of individual life insurance policies and annuities.