Enhance a Legacy: Pass it on!

Legacy planning is not only for the super wealthy. Passing on a legacy can be as simple as maintaining a loved one’s lifestyle after death or more complex like leaving a gift for charity or paying estate taxes. Life insurance can be an important tool in helping to accomplish these objectives and more.

Whether grandparents want to skip a generation, a second marriage needs to keep things equitable for a blended family, or a single parent needs to provide and protect, life insurance plays a pivotal role in transferring wealth.

Imagine how the client conversation changes if instead of asking, "would you like to buy life insurance to protect your family," you ask, "would you like to leave a legacy for your family?" 

We have you covered with our Legacy Planning resources! Check them out today and reach out to your MVP representative for legacy recommendations.  

Estate Planning is for Everyone

Every client can benefit from estate planning. Of course, estate planning needs vary from client to client, ranging from simple solutions to complex strategies custom-designed for high-net-worth clients.

To help determine the right approach to use with your clients and prospects, refer to this guide for an overview of the many estate planning strategies. Review the information to become familiar with the strategies and target client profiles; then, when you come across opportunities in your book of business, we can help you deliver the best approach to meet clients’ financial wellness needs.

Also, check out these additional resources, and watch our monthly sales solution video: 

The Role of Life Insurance in Estate Planning

Estate planning is often thought of as something that only applies to the very wealthy. In reality, there are several fundamental components of estate planning that everyone should consider to ensure their loved ones are cared for and their legacy lives on as intended. 

Life insurance is widely used in estate planning because it provides an important source of liquidity at the death of the insured. Since death benefits are usually received free of income tax, insurance proceeds can be free of estate tax as well, with proper estate planning. Whether it is used for personal, business, or charitable reasons, life insurance can help your clients plan for the future. 

MVP Financial has estate planning resources to assist you with proper planning for your clients. 

Use #EstatePlanningAwarenessWeek in your social media posts.

Ensure Care for Children with Special Needs

Estate planning is important for all families, but it’s critically important for families with special needs children. Parents of special needs children face unique challenges, such as ensuring there are sufficient funds available at their death to care for their child, finding appropriate caregivers and guardians, and selecting the correct trustee to manage and distribute inheritances via special needs

trusts.

SUGGESTIONS for families with children with special needs:

• Establishing a team of advisors, along with you, to help with estate planning but particularly to assist with the ongoing care of children with special needs through adulthood. 
• Meeting with a qualified special needs estate planning attorney to prepare or update various documents, including a will to name guardians and a special needs trust to hold assets. A revocable trust, powers of attorney and medical directives may also be necessary. 
• Reviewing the titling of assets to ensure they are held in trust or special needs children, because outright distributions could disqualify government assistance. 
• Talking to siblings and parents about being guardians and discussing their responsibilities. 
• Creating an independent trust, and funding it with life insurance. The special needs trust must be set up in such a way that it accepts gifts. 
• Preparing a Letter of Intent outlining the parents’ desires and hopes for their child with special needs, along with critical information pertaining to his or her care.

The following case studies demonstrate common and real world scenarios you may encounter while working in this market: Case Studies