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Split Dollar Is the Key to Unlocking Big Cases
Speaker: Jon Whitacre, J.D., CFP, CLU, ChFC, Director of Advance Sales, Crump Life Insurance Services
Date: Wednesday, June 12
Split dollar has been talked about and implemented for decades. However, recent changes in tax laws combined with falling interest rates make this tried-and-true strategy more popular than ever. Learn how other advisors are using split dollar to unlock big cases in the corporate, private, and not-for-profit areas.
- Spot split dollar opportunities with C corporation shareholders, high net worth individuals, and not-for-profit executives
- A few simple concepts (rather than legal jargon) that will allow you to explain the power of these techniques to anyone
- The support available to you to present, explain, and close your next big case
Advisor Succession Planning Panel - Part II
Panelists: Tony Ashton, CLU, RFC; John Gilliam, PhD, MBA, CFP, ChFC, CLU; Jim Kennedy, CRC, CMFC, LUTCF; Daniel Zeplain
Moderator: Anthony Bird
Date: Wednesday, May 8
Succession planning is downright difficult in our industry. You have spent a life building relationships with those you work with and a legacy of your name. It is not easy to turn this over to another generation or an outsider, but inevitably it must be done. How do you do it—logistically and emotionally? How do you make sure your promises are fulfilled? How do you avoid what you fear most? This open forum panel was set to address these questions and more.
- Find out what selling looks like from a buyer’s perspective
- Learn how to do succession planning right when it comes to family
- Hear a true story about a succession plan that didn’t happen
Growing Your Business Through the Underserved COLI Market
Speaker: Chuck Van Devander, Global Atlantic Financial Group
Date: Wednesday, May 1
Learn how the COLI market has changed over the past decade and why that market is rapidly growing today. Small- and medium-sized business are learning about the benefits provided, and today’s products are a better fit for those businesses. However, very few advisors are taking the time to talk to them about the opportunity.
- COLI is an underserved and growing market
- Smaller non-qualified plans (less than 20 lives) are the most common
- The corporate tax rate changes have helped open new opportunities
It's One Year After Tax Reform, Now What? 3 1/2 Legacy Planning Ideas to Share with Your Clients
Speaker: Michael Amoia, JD, LLM, CLU, ChFC, Crump Life Insurance Services
Date: Wednesday, April 17
The lifetime gift, estate and GST exemptions have more than doubled (until the end of 2025). So, what does this mean to you and your clients? And where does life insurance fit? This session will review the current rules, things to pay attention to between now and the end of 2025, planning ideas to present to your clients to maximize this short-term opportunity and how to position life insurance in the discussion of legacy planning. Many planning conversations are driven by the size of the client’s estate, so we’ll highlight ideas that may particularly resonate with different demographics. However, since “legacy planning” goes beyond just tax planning, many ideas will overlap and apply to a broad range of your clients.
- Understand how the increased exemption levels can provide clients the opportunity to build their legacy plans correctly and how missing this opportunity could devastate a family's wealth
- Answer the question on why the Legacy Planning Process goes beyond the tax conversation and requires a lot more work for a family
- Life insurance is the perfect asset in the planning process because it provides cash for the family without the conversion costs and risks of other assets
Family Matters: Strategies to Preserve the Legacy
Speaker: Meg Muldoon, J.D., LL.M., AVP Advanced Markets, Penn Mutual
Date: Wednesday, April 10
Do your clients want to efficiently use their assets to benefit their children and future generations? This presentation will review several strategies, such as multigenerational legacy planning and split dollar arrangements, to help provide an enduring legacy for years to come.
- Learn how to design a plan to provide financial security across generations.
- Help clients preserve and control assets while providing a lasting legacy.
- Utilize permanent life insurance to positively impact multiple generations.
Why, How, What of Succession Planning
Speakers: Tim McFarland, Partners Financial; Tim Young, WealthPoint; Michael Kenneth, WealthPoint
Date: Wednesday, March 6
This presentation will be a more expansive version of the one presented at the Forum 400 Annual Meeting. In this presentation, Tim and Michael will provide a detailed overview of why succession planning is important and the steps needed for business owners to successfully transfer or exit their business. In addition, they will illustrate WealthPoint’s proprietary financial modeling tool, which allows entrepreneurs to stress-test any decision they are faced with in their business and/or personal financial situation. A real-life case study will be presented and discussed.
- Improve customer outcomes using the "Know Your Story" process to help with complexity and manage uncertainty.
- Aligning multidisciplinary teams of advisors with collaboration.
Tax Cuts and Jobs Act Opportunities for Qualified Money: A Distribution Solution
Speaker: Mary Read, Pentegra Retirement Services
Date: Wednesday, February 20
Take back control of qualified money.In this webinar, Mary expanded on her 2019 Annual Meeting session by sharing how to reduce the taxes on clients' qualified accounts 25 percent or more, eliminate required minimum distributions, increase benefits and reduce risk on qualified money.
Continue to Expand your Knowledge on ESOP’s and Learn How to Position the 3 Prudent Insurance Sales
Speaker: Rick A. Jaye, AIF®, CRC®, Senior Vice President, Business Transition Advisor
Date: Wednesday, October 10
This ESOP presentation will focus on the insurance sales opportunities. Rick will discuss the need for key man coverage and the multiple options to meet this obligation along with the repurchase liability. Next, he will discuss executive benefits and how these benefits keep and reward older key non-shareholder executives. Lastly, Rick will review how more sophisticated advisors look to combine these multiple needs into a single set of large permanent premium solutions.
The session will discuss:
- Funding key man coverage to protect against premature death of key employees
- Senior secured note
- Seller note
- Establishing an executive benefits plan for older key employees
- Funding the repurchase liability
The Executive Bonus with Insured Guaranteed Returns (EBIGR)
Speakers: Robert Stuchiner, Synergy Life Brokerage, and Eamon Walsh, NFP Insurance Solutions
Date: Wednesday, September 26
One of the best sales ideas from Forum MAX 2018!
A new view on a tried and true. Eamon, Forum 400 Board of Directors, and Robert demonstrated how new products as well as traditional products can be viewed in a new way in conjunction with the executive bonus. Further, they discussed the simplicity and business attributes of the plan. And finally, they discussed how the Tax Cuts and Jobs Act impacts Executive Bonus vs Deferred Compensation arrangement.
Listen to the recording to learn:
- A new view on the executive bonus uniquely tied to life insurance products
- How the Tax ACT affects executive bonus versus deferred compensation
Life Insurance and a "FAST" Solution to Legacy Planning
Speaker: Marvin Blum, The Blum Firm, P.C.
Date: Wednesday, August 29
There’s a new type of trust dedicated to saving the family, and the most efficient way to fund it is with a new life insurance policy.
The Blum Firm is pioneering a trust called the FAST: Family Advancement Sustainability Trust. Families who succeed from generation to generation engage in certain best practices to prepare heirs for their inheritance. They conduct annual retreats and family education programs to train heirs on money management, philanthropy, entrepreneurship, family history, and preserving the family legacy and values. The problem is that often Generation 1 pays for these best practices and makes them happen, but after Generation 1 is gone, Generation 2 drops the ball and doesn’t want to pay for these activities or take the time to do them.
A FAST does two things: (1) it sets aside funds to pay for these best practices; and (2) it puts a leadership structure in place to make sure these activities happen, by assigning responsibility to trustees/committees and paying them. Generation 1 needs to be intentional about keeping the family strong. They can’t just rely on their hopes and dreams that the family will continue to do these best practices and stay connected. Statistics show that without these activities, only 10% of families remain united and financially successful past the second generation.
There are various ways to fund a FAST. The least disruptive to the estate plan is to use a new life insurance policy dedicated for this purpose. The FAST is the owner-beneficiary of the new policy. When a client creates a FAST, the existing estate plan remains unchanged. The FAST is simply bolted on top and the current estate plan does not have to be revised.
Family Business Transfers: Determining Fairness When Allocating Ownership Among Children
Speaker: John Brown, BEI
Date: Wednesday, July 18
Allocating ownership “fairly” among business active and non-active children is often challenging and an exercise in futility. BEI Founder, John Brown, will discuss designs that base ownership transfers on objective factors as well as an overall planning process useful in family business transfers.
Learn the In’s and Out’s of ESOP’s. Doing Well by Doing Good. ESOP's: the Gift That Keeps on Giving.
Speaker: Rick A. Jaye, AIF®, CRC®, Senior Vice President, Business Transition Advisor
Date: Wednesday, June 20
Benefits over other exit strategies:
- Unique Tax Benefits only available to ESOP’s
- Why Congress on both sides like them
- What is means to the service providers, employees and communities
- How to briefly discuss then and why every advisor should begin to address this strategy to their business clients
Making Sense of the IUL Madness
Speaker: Bobby Samuelson, Executive Editor, The Life Product Review
Date: Wednesday, May 23
Following up on Bobby’s main platform session at the Forum 400 2018 Annual Meeting, he broke down recent developments in the Indexed UL market, particularly the implications of new product offerings from Pacific Life and Allianz, the outlook for further changes to caps and how different interpretations of AG49 are leading to very different illustrated performance.
Marketing Opportunities under the Tax Act
Speaker: Marvin Blum, The Blum Firm, P.C.
Date: Wednesday, May 9
After learning what is included in the final Tax Cuts and Jobs Act, it's time to take action. As life insurance advisors, what do you do about it? From a marketing standpoint, how do you use the tax changes to your advantage?
In this program, Blum discussed planning opportunities for income tax savings under the Tax Act that can be used as the impetus to get you in front of your client. Many provisions in the Tax Act are scheduled to sunset in 8 years, so this is a “use it or lose it” situation.
Beyond Buy-Sell Agreements: Exit Planning Concepts to Uncover Additional Opportunities in Business Succession Plans
Speaker: John Brown, Business Enterprise Institute, Inc.
Date: Wednesday, April 4
In this business succession planning webinar, John Brown took his recent Forum 400 Annual Meeting presentation about exit planning concepts to the next level.
Typical business succession planning consists of little more than creating fully-funded buy-sell agreements. Too often, these agreements are, at best, only partial solutions to the issues created when one co-owner dies. Preserving a business after the death of a co-owner and providing financial security to the decedent’s family are additional--and lucrative--planning opportunities for life insurance professionals.
John also shared life-insurance-funded business continuity designs and solutions for sole owners—a group that comprises almost half of all business owners. Understanding these designs is critically important since: 1) few sole owners have engaged in any business succession planning and 2) their advisors have not offered any recommendations on how to preserve or transfer their companies in the event of their premature deaths.