BSMG Blog: Protecting the Future of Families and Businesses

Leverage Your Clients Tax Benefits by Using Grantor Trust Power of Substitution

Do you have any high net worth clients who have already gifted capital assets to their grantor irrevocable trust? If their trust has the typical power of substitution clause, they may be able to substitute cash for the capital asset.

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BREAKING NEWS: DOL Delays Fiduciary Rule Implementation to June 9th

BREAKING NEWS UPDATE 4/5/17: The Department of Labor released a final rule Tuesday delaying the implementation of its fiduciary duty regulation. Under this measure the rule's April 10th applicability date has been pushed back to June 9th. This postponement means that the expanded definition of fiduciary as well as the impartial conduct standards will become applicable on June 9th. Written disclosure requirements and the full best-interest contract exemption are still scheduled for Jan. 1st, 2018, implementation. To find out more read the full InvestmentNews article. 

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Are Your Clients Wondering About Hybrid Long Term Care Solutions? Part 1

In 2017, as in-force rate increases become the norm and more and more carriers are exiting the traditional/standalone Long Term Care (LTC) space, we continue to see the trend of clients migrating from traditional LTCi to hybrid solutions.

With this recent shift, I thought it would be helpful to share an in-depth breakdown of what these solutions are. My hope is to help remove some of the barriers you may experience when having the important LTC conversation with your clients. 

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The DOL Fiduciary Rule: 3 Key Issues



Breaking news came from the Department of Labor (DOL) yesterday, as they sent the final Fiduciary Rule to the Office of Management and Budget (OMB), requesting a 60-day delay. The Rule has not been published in a Unified Agenda and is pending regulatory review. All eyes are on the OMB right now as the effective date of the Fiduciary Rule grows closer to the applicability date set for April 10th.  

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Five Reasons the Ultra-Affluent Will Still Need Life Insurance, Even Without Estate Taxes

With all the questions looming around what will happen if the proposed elimination of estate taxes goes through. You may be wondering if the affluent will still have a need to buy life insurance and how it will impact your life insurance sales strategies. The knee jerk reaction is that the wealthy will not have the same level of need for a life policy, however there are many reasons, other than estate taxes, why the ultra-wealthy should purchase life insurance. Forbes Insights cites some reasons from Frank Seneco, President of Seneco & Associates, on the subject matter. We have summarized and expanded these insights to offer you an opportunity for new life insurance sales strategies.

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Millions of Americans Need Life Insurance Coverage

According to recent LIMRA data, the number of American households that own life insurance is on the rise. This is encouraging news as we generally only hear about the lack of coverage here in the United States. Some of these recent statistics state:

  • More than 87 Million American households own some form of life insurance.
  • The volume of households owning life insurance has increased by 5 Million in the past six years.
  • However, the total number of U.S. households grew by almost 1.5 million over those 6 years. 9M - 5M thats a 4M gap!
  • If life insurance ownership rates remain stable, then ownership volume will continue to grow by about 1 Million households per year.

But wait! Millions more still need coverage! 

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[Infographic] Essential Tax Advantages of Life Insurance

As a financial advisor, you speak with your clients on a regular basis regarding how to make savvy investments to maximize their wealth and savings. We know the topic of life insurance may seem like a daunting subject matter or perhaps even morbid; however it should be had. Have you tried to approach the conversation by speaking to the tax advantages that life insurance can offer versus other assets?

Why not talk about all the benefits life insurance can offer to your clients, including tax-free retirement income. Use the Essential Tax Advantages of Life Insurance to get talking points for your next meeting!

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Cash Value Life Insurance Offers 3 Key Advantages

Whether your client has estate planning needs, business protection needs, or supplementary retirement needs, cash value life insurance offers great competitive advantages versus alternative financial assets. These advantages fall into three major categories:

1) Tax advantages               

2) Financial and actuarial advantages

3) Legal and contractual advantages

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Excess Drinking Doesn't Have to Equal Declines

Happy St. Patrick's Day!

In the spirit of St. Patrick’s Day, a holiday known for more than excessive consumption of corned beef… we thought this to be an appropriate day to discuss alcohol related underwriting issues.

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BREAKING NEWS: Federal Reserve Raises Rates

BREAKING NEWS UPDATE 3/16/17: For the second time in three months, the Federal Reserve increased the benchmark interest rate a quarter point. This was widely anticipated by financial markets and brings the rate to a range between 0.75 percent and 1 percent. This sets the Fed on a likely path of regular hikes ahead. Some analysts say we are likely to see at least two more this year. The reason for the rise? It comes amid growing confidence that the economy continues to strengthen. 

In the News:

Fed Raises Rates at March MeetingCNBC
Fed Raises Rates; Yellen Holds Press Conference -- Live Analysis: Wall Street Journal
Fed Raises Rates Amid Signs of Strengthening EconomyThe Washington Post
Fed Raises Interest Rates for Third Time Since Financial Crisis: The New York Times

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