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- A trusted financial advisors, you speak with your clients annually for their review but when life events take place, are you discussing how beneficiaries should be reviewed? Marriage, divorce, death, births, and adoptions are all circumstances that may cause a need for beneficiary reviews. In many instances your clients may no longer wish to leave their retirement account to their ex, or may want to add a new grandchild as a beneficiary. It’s important to remind your clients of these circumstances and their potential impacts. The first thing your clients may or may not understand is that beneficiary designations supersede a will. So, regardless of the estate planning they have done with an attorney, if their beneficiary designations don’t match up with their current wishes, wills, and trusts, their estate may not be settled according to their current wishes. Inform your clients of assets that pass by beneficiary designation. Life insurance, annuities, IRAs, and retirement plans all pass by beneficiary designation. If a beneficiary is not named, or a named beneficiary is deceased, the asset is typically payable to the account owner’s estate. When this occurs the asset is subject to probate.
- Becoming a probatable asset isn’t the worst part of this scenario. When a beneficiary is not named on a qualified account, this eliminates the opportunity for a beneficiary to take distributions over their life expectancy, in the form of an inherited IRA. Receiving the asset in the form of an inherited IRA allows the beneficiary to spread out distributions and taxes over their lifetime. Another disadvantage when there’s no named beneficiary is that qualified accounts will not receive creditor protection. Since the asset passes through the deceased owner’s estate, the asset would be used to pay creditors. If there’s a named beneficiary the asset would pass directly to the named beneficiary, would bypass probate, and would generally not be available to creditors.
- All of this can provide such important cause and effect for your clients and their families, as well as uncover old accounts about which they may not have spoken with you. Clients expect us to provide solutions for their monies and financial needs, but when provided with additional guidance, they are affirmed in their choice to have you as their financial advisor. And doesn’t that solidify the relationship?
Upcoming Events
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Plan now to attend
As a financial, investment, retirement, or accounting professional, long-term care planning can be challenging–specifically because it may not be the primary focus of your practice. In fact, you may even avoid it. Yet at the same time, learning about long-term care could be one of the most crucial ways to serve your clients. A potential exposure so great, it could render all other strategies meaningless.
Join us for a free webinar and learn options available for your clients with the Care Solutions–a portfolio of asset-based LTC products that can provide tax advantages and benefits even if care is never needed.
During this webinar you will learn:
- How certain annuities can benefit from the Pension Protection Act and provide income tax free withdrawals for LTC
- About products that issue all the way up to age 85
- How to use qualified money to gain long-term care benefits
- How to speak with your clients about a negative topic (LTC) in a positive way
This learning opportunity will give you the ‘nuts and bolts’ of our products and arm you with the knowledge you need to succeed. At the same time, you will gain a level of comfort and learn how to broach this at times difficult topic with your clients.
Register today! |
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 Featured Speaker:
Chris Huntsman,
Senior Development Wholesaler
OneAmerica
Full Product Webinar:
– Client presentation (advisors only)
– Asset-Care (hybrid life/LTC)
– Annuity Care (hybrid fixed annuity/LTC)
Click Date/Time to Register for Webinar:
* All times Eastern
Friday, August 5th at 11:00 AM
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For company and recruiting use only. Not for public distribution.
Products and services provided by The State Life Insurance Company, Indianapolis, Indiana. Products not available in all states or may vary by state. |
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© 2010 OneAmerica Financial Partners, Inc. All rights reserved. OneAmerica® and the OneAmerica banner are all registered trademarks of OneAmerica Financial Partners, Inc. |
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How can Fixed Indexed Annuities help clients retire on schedule?
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Fixed annuities, with their guaranteed interest rates and guaranteed return of principal (less any withdrawals of interest or principal) can help preserve client’s assets, potentially softening the impact of a choppy stock market on their accounts.
- A conservative approach….. provides the client with safety of principal, tax- advantages, liquidity, and legacy planning.
The Next Big Thing in Annuities: If you’re not talking with your clients about QLACs, expect that your competition is. Learn how big this opportunity really is!
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It is imperative to explore all financial options for the clients- why let a client lapse or surrender a policy when determining there is an alternative. Life Settlements- Life Insurance , like every other asset, has a Market Value. Before your client considers letting a policy go, call us to discuss the specifics. And interestingly, all policy types are considered now for Life Settlements- even convertible term insurance. The reality is: you will set yourself apart from other advisors and agents by educating clients on Life Settlements and the options for the unwanted/unneeded life insurance. Clients remember you told them about an idea that others did not- and isn’t that what we want as agents and financial advisors? To be distinguished as unique, with different and compelling ideas for clients provides them with more than the average agent.
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Are you aware within Fixed Indexed Annuities and Indexed Life Insurance there are 100% participation in the various indices up to the caps? Are you aware there are uncapped (yes uncapped) index strategies allowing the client the full index performance less a spread? Why is any of this important? Because clients have told this industry after 2008 that they no longer can endure the wild rides with their money. They have firmly said they are aware they need some exposure to the non-guaranteed markets, but they now also know they must be more diligent with safety, as their individual lives are uncertain and when retirement happens often is not by choice but more by circumstance.
See the attached White Paper by Allianz Life Insurance Company “Reclaiming the Future”
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