PT  - JOURNAL ARTICLE
AU  - Richard L Harris
TI  - Life Insurance and Wealth Management: <em>A Perfect Combination for the Ultra-Affluent</em>
AID  - 10.3905/jwm.2009.11.4.114
DP  - 2009 Jan 31
TA  - The Journal of Wealth Management
PG  - 114--118
VI  - 11
IP  - 4
4099  - https://pm-research.com/content/11/4/114.short
4100  - https://pm-research.com/content/11/4/114.full
AB  - Wealth management should not be done in a vacuum. It is part of the client’s overall financial plan. The wealth manager is concerned with the client’s goals, including the tax implications. However, although income taxes are always taken into account, transfer taxes—estate, gift, and generation-skipping taxes—are not. The astute wealth manager can add value to the relationship by being aware of the client’s estate plan. It is possible for assets under management to be used to enhance the overall estate plan by combining them with life insurance. It is done with a strategy that is legally “clean.”If done properly, the client will be able to pass on a substantial amount of wealth, not have any gift taxes, estate taxes, or generation-skipping taxes, and the client should be very grateful to you for bringing them the concept.TOPICS: Wealth management, legal/regulatory/public policy