Q : Should I contemplate wealth transfer planning if I do not have a taxable estate?
Good wealth transfer planning will organize the assets that you have and make it more smooth on your executor to transfer the assets when the time comes.
Q : Why should we use trusts in our wealth transfer planning?
First, trusts are simply an entity to be used like a limited liability company or corporation which has particular benefits. First, the trust can protect the assets from creditor and liability claims and spousal issues. In addition there are numerous tax reasons and management reasons for trusts to be used in a wealth transfer plan.
Q : Should I use offshore trusts in my wealth transfer plan?
While there are certainly some instances where the use of offshore entities can provide a line of defense for liability purposes, most of those protections can be accomplished by using domestic entities and planning.
Q : Will annual gifts be tax free?
As long as they fall under either the annual gift tax exclusion or the lifetime unified credit.
Q : What is the best asset protection strategy?
To position your assets in the protective fence of limited liability partnerships and trusts.
Q : How to create an exit strategy for a family business?
The exit strategy will be dependent upon the objective the business owner wants to accomplish. If it is to the family then a certain transition plan will be effective. If being sold to an outside buyer, then a certain amount of planning will need to be done prior to that sale.
Q : How to transfer business shares to family members?
Obviously, you can make outright gifts of stock to your family, but those could pose a problem. As a rule, we would make any inter vivos gifts in trust for the benefit of family members.
Q : What is a business succession plan?
A business succession plan is a plan by which the management and ownership of an existing business will take place.
Q : What are the life insurance needs for high net-worth individuals?
In the high net worth marketplace, life insurance is used as a means of providing liquidity for the payment of estate taxes. In addition, it is used as a means of transferring wealth on a tax favored basis.
Q : Do I need life insurance for business partners?
As a rule, if the business partners create value for the business, then adequate coverage should be kept on their lives.
Q : How can I make my life insurance completely free from taxes?
Life insurance death benefits are free from income taxes by statute, but in order to avoid estate taxation, the policy should be owned by someone other than the insured.
Q : How often should I review my life insurance portfolio?
There is no set answer but anytime that you have a significant change in financial, status, one of the items that should be reviewed would be your life insurance portfolio.
Q : Should I consider group health insurance for my business?
To comply with the Affordable Care Act and the regulations which have been issued, in most cases it would be good for your business to provide group health benefits.
Q : Do I need group life insurance for my small business?
Group life insurance provides an excellent financial tool to employees who might not have coverage otherwise.
Q : How can you compare group health insurance plans?
The help of a trained advisor is important who will be able to guide you through the process.
Founded by industry veteran Bob Carter, Lion Street aligns the interests of elite advisors, experienced leadership, and sophisticated investors through an innovative structure of shared ownership among these parties.
Lion Street Advisor-Owners operate independent firms that provide life insurance, business insurance, and wealth management solutions to high-net-worth individuals, business owners, and corporate clientele. Lion Street understands the specific needs of these types of practices, and we have structured the company around delivering the leverage, resources, and intellectual capital our advisors need to succeed.
Lion Street was formed in 2010 and is managed by a team of experienced industry veterans with a significant equity investment from Austin Ventures. The name Lion Street is symbolic of the intersection of visionary financial advisors and forward-thinking financial services companies. The “Lion,” like our Advisor-Owners, is fiercely independent and respected, while “Street” represents traditional financial institutional stature.
SSG Companies, founded in 1976, is a wealth management and insurance service provider based in Shreveport, Louisiana.
1520 Airport Drive, Suite 118
Shreveport, LA 71107