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Family Financial Security |
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The largest threat to a family's financial security is the loss of the primary wage earner. How would your family fare financially without you? Have you considered whether your spouse would be able to pay for a mortgage, taxes, childcare, college education and other expenses without your income? Most people are underinsured. That is, the insurance coverage you own might cover 2 or 3 years of your current income. We suggest that a more realistic objective is to insure the life of the family income producer with enough death benefit to generate many years of income for your family.
What if the primary wage earner in your family becomes disabled and cannot work. Unemployment is not likely to cover all of your bills. Disability insurance may be appropriate.
Contact Halliday Life & Health to get a free analysis of your current insurance coverage.
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Business Succession / Key Person Planning |
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If you are a small business owner, you are probably concerned about what will happen to your business when you're gone. You may wonder what will become of the business if a key employee or executive suddenly dies. These concerns are most effectively put to rest with an appropriate business succession or key person plan.
Business succession planning accounts for the difference between the dollar value the IRS might assign to your business and the ability of your family obtain that amount for the business at your death. Small businesses are illiquid by nature. Liquidity (the ability of you heirs to get cash for the business) may pose a problem. Will your heirs receive a big estate tax bill at your death with insufficient cash to pay it? If you have a partner in your business, will the business, or partner to be able to purchase your share in the business from your estate? If your partner dies, his widow will probably own part of your business. Is this acceptable to you? If you answered "NO" to any or all of these questions, a well-drafted and appropriately funded Buy-Sell Agreement can solve your problem. Contact Halliday Life & Health to learn how.
Would your business be unaffected if you or a key employee of your business died unexpectedly? Have you considered the affect on your business's financial security if this occurred? If you answered "NO" to these questions, key person insurance coverage can solve your problem. Contact Halliday Life & Health to learn how.
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For those families that have accumulated assets more than sufficient to provide them with income in retirement, a new focus may be the maximization of wealth passing to subsequent generations.
Many effective strategies exist which leverage current assets to create non-taxable benefits payable either directly to lower generations or into a trust designed to manage wealth for children, grandchildren and even great-grandchildren.
Proper plan design, guiding you through underwriting and integration with estate planning documents are the crucial tasks of our expert insurance professionals.
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We believe that life and health insurance are a vital part of any overall financial and estate plan. Our experts are committed to assisting you with all your insurance needs and will help you plan for the protection of your assets while providing security for your loved ones.
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Insurance Services