INSURANCE SERVICES
Insurance is an often overlooked, but crucial, dimension of wealth management and plays an important role in estate planning, risk management, tax planning, and asset protection.
When properly incorporated into your financial planning, insurance can:
- Minimize the risk of estate tax.
Paying estate taxes may not be possible without selling or liquidating assets. Life insurance can provide immediate cash to the trust or your heirs, free of income tax.
- Achieve charitable goals.
By designating a charity as a beneficiary, you can make a substantial gift for a relatively modest cost.
- Create an estate.
Life insurance can be used to create an estate that helps protect and preserve your family’s lifestyle.
- Protect income and assets from disability and illness.
Disability insurance can replace a percentage of income should you be unable to work.
In addition to offering traditional whole life, universal life and term insurance, Wachovia Insurance Advisors closely work with Estate Planning Advisors and other team members to propose additional options that best suit your needs.
Risk Management
If you own a business, a properly structured insurance program can be used to fund a buy-sell agreement, protect against the death or disability of a key person, or ensure a business continuation by providing a temporary source of cash flow.
Ask your Wachovia Relationship Manager to explain how insurance can help you plan for an orderly transition that preserves business value at a predictable cost.
Irrevocable Life Insurance Trust (ILIT)
An Irrevocable Life Insurance Trust, when structured properly, is not part of your estate and is not subject to estate taxes. These trusts are an ideal way to grow your assets and provide for your heirs, as the trust owns the policy and pays the premium, with the proceeds passing into the trust.
Life Insurance
Essential to protecting your legacy, an adequate life insurance policy can play an integral role in your estate planning. Choosing a life insurance plan that fits your family's financial needs requires an understanding of taxes, trusts, investments, and a myriad of other factors.
Disability Insurance
Disability insurance can be an important addition to your financial plan to help cover your needs should you or your spouse be unable to work.
Long-Term Care
Long-term medical costs can quickly deplete your family's financial resources. If you or a family member require home care or assisted living (as one out of four do), having this coverage will help pay for healthcare costs and assisted living expenses.
Long-term care insurance can cover the costs that Medicaid, Medicare and Medigap won't fully cover, such as: skilled and custodial levels of care, nursing home and assisted living facilities, home health care, respite care, hospice care, adult day care, and continuing care retirement communities.
Specialized Insurance
Wealth transfer strategies and non-qualified executive benefits are some of the most complex - yet potentially rewarding - financial challenges facing wealthy individuals and successful executives.
Through Wachovia Insurance Services, we can offer you innovative, highly personalized insurance strategies that can protect and maximize your estate and enhance your compensation.
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