Estate and Insurance Planning

Estate planning is an important part of developing a sound investment strategy and your overall wealth management. An estate plan will help put your mind at ease about many of the following concerns:

• Financial security for your family

• Easing the task of settling your affairs for your heirs

• Minimizing the erosion of your estate by taxes and probate fees

• Ensuring that your estate is settled according to your wishes

Planning your estate can be a complex task. The Currie & Cookman Wealth Advisory Group can help with the process in consultation with our Estate and Insurance Advisor Chris Canavan.

Protect Your Key Business Assets

If a vital employee of yours were to die suddenly, would your business be protected? For a small company, an interruption like this could result in creditors calling loans, customers taking their business elsewhere due to fears of unmet commitments, and existing employees seeking other employment.

One strategy for lessening the financial burden while a replacement is found is called business continuation planning with key person life insurance. Simply, it uses life insurance to provide a capital injection into the company upon the death of the owner or key executive. The company is the owner, beneficiary and premium payer of the insurance policy and receives the insurance proceeds tax-free in the event of the employee’s death. The idea is to provide funds to the company to help find, recruit and train a new employee, to act as a buffer for lost revenues, or to show creditors that your company is still in a strong financial position.

How much life insurance is enough? There are a variety of methods to determine the amount of coverage, and the amount depends upon factors unique to each business.

If you’d like to learn more, we can introduce you to one of our Estate & Insurance Advisors. For more information or to arrange an appointment, please contact us directly.