L I F E A N D I N C O M E P R O T E C T I O N I N S U R A N C E
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Wealth Protection and Legacy Planning
Businesses often fail due to poor succession planning. The same can be said for families, who should view their wealth as a business enterprise, never forgetting that to preserve the financial wealth of the family, they must also spend time working on its human and intellectual capital. Our legacy planning process goes beyond the traditional focus on money and taxes, making sure that families define a family vision that encompasses not only their assets, but prepares heirs for those assets. We believe that hard core legal, tax and estate planning must be integrated with family virtues and values for a lasting legacy. Conventional Estate Planning is only one component of Legacy Planning and our experience shows that effective action follows insight and understanding. Contingent Liabilities A contingent liability is a potential liability. It depends on a future event occurring or not occurring. As a business owner, you should cover yourself by buying life insurance. That way, should you die, the money can be used to pay off your debts on your business and your family will not have to cough up. Agreements An agreement in principle is an agreement which makes the major terms of an agreement clear, laying the groundwork to make a contract. When two parties are working together to reach an agreement, they often have a great deal of debate about the major points and terms, especially when the agreement surrounds a contentious issue. The process of nailing down the basics of the agreement leads to an agreement in principle, in which both parties arrive at a set of generally agreed-upon terms which will be used in the final contract. The agreement in principle is essentially the foundation of the contract, used when drafting the language of the contract because it includes everything the parties have negotiated. Resolutions A resolution is a written document that describes the actions taken by the board of directors of a corporation. The minutes are a written document that describes actions taken and resolutions passed by the directors during a regular board meeting. |
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We represent a number of insurance companies that allow us to design the program that specifically meets your needs. Some of the leading insurance companies we represent are:
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