Our Solution Sets
Through collaboration with a host of specialty tax planning firms, the advanced planning groups of major life insurance, disability, extended care, and annuity carriers, and industry partners in the commercial and personal lines Property and Casualty arena, we bring a holistic set of business risk management, succession planning, and personal financial security solutions to the table. We become invested in the success of each of the business owners and professionals we work with right from the very start. And we follow through with our clients until all the important details are accomplished.
To see some of the ways we are helping business owners, executives, professionals, and their families, click on the images or captions below for a brief synopsis of our clients' problems and how our team solved them.
Reducing Insurance Costs
Captive Insurance Company Creation: A specialty area with cost, coverage, and tax-saving inducements
Summit Legacy Advisors' network of specialty insurance and tax mitigation firms includes a company that forms and manages captive insurance companies, teaches CPAs and financial advisors about the intricacies and regulatory requirements for setting up an affiliated captive insurance company. Captives are used to fill coverage gaps, garner costs savings through better safety regimens and training, and reap compelling tax inducements. Contact us for more information.
Protecting a Fast Growing Franchise
How to Layer In Flexibility of Coverage
How does a business owner protect the going-concern value of a rapidly growing group of businesses?
First, you start with a Master Buy-Sell Agreement. Next, you establish a periodic method to value the enterprise as a whole. Then, you fund the agreement with a combination of level term insurance and discretionary yearly convertible term, for maximum flexibility and lowest overall cost. By shopping the market, we enabled the full value of the enterprise to be protected for about 3/4 of 1% of projected EBITDA.
How to Shift Taxable Profits into Tax-Sheltered Asset Growth
A successful real estate remodeling business can incur a large tax bite on resale. It can also expose the owner to liabilities. We found a way for our client to shelter net after-tax gains from ever being taxed again, while building accessible liquid funds for the next project, safeguarding those funds against claimants, and providing legacy benefits for his family.
Legacy Building Starts Here
How to insure income streams for life
Using the cash value from under-performing variable universal life policies that would have expired when the father reached the mid-50s, we instead used the lump-sum proceeds for a new permanent cash value life insurance policy that will last to age 121, is guaranteed to increase in value, and can serve as supplemental retirement income someday. Adding a term rider doubled the death benefit coverage for his growing family.
How to share a gift they will never forget
A successful retired auto exec, still engaged in consulting, wanted to leave behind something his beloved grandsons would never forget. He loved our idea of gifting them limited pay whole life policies that will build cash value tax-efficiently over many decades and be available for them when they need to cover college expenses or a downpayment on a home someday. These are gifts his grandchildren will never forget--a family legacy that can continue for several generations.
All in the Family
How a trust can sell a last-to-die policy to supplement retirement income while leaving a legacy for the family
Under former tax regimes, it made sense to gift assets into a trust that purchased life insurance on the joint lives of mom and dad for the kids' benefit. But with longevity increasing these days, and the grandparents needing to supplement their retirement income, we created a way for the whole family to benefit.