Do you have clients who are business owners yet don’t have the right insurance plan in place because they are so focused on trying to build their business? They may not be aware that business insurance can help mitigate risks and provide opportunity when it comes to growing their business.

Share the client article below and accompanying short video which explain the importance of having a Shareholders’ Agreement and key person insurance, how business owners can use life insurance as collateral for a bank loan, and how they can maximize their estate plan. Continue reading “SMART TALK… how insurance can help your clients build their business” →

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Smart Talk – How Insurance Can Help Build Your Business

As a business owner, insurance can provide not only protection, but also opportunity when it comes to growing one’s business. Life insurance policies can protect shareholders and their family members, the corporation itself, and key persons to the business. And, it can also enhance the cash flow to the corporation by assigning the policy as collateral for a loan.

As an Advisor who runs your own practice, you are likely aware of how this works. But do your clients who are business owners need a little help in learning more about their options? Do they have a shareholders’ agreement, key person insurance, or understand how corporate insurance can be used tax effectively to benefit a charity?

Here’s a client article that helps explain how business owners can utilize insurance to provide both opportunity and security while building their assets in a tax-effective way for their retirement or estate plan. To learn more about the CDA, read Turn Your Clients into CDA Wizards.

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How Insurance Provides Security - and Opportunity - for your Business

If your clients are uncertain on whether joint life coverage is right for them and their spouse, highlight the following benefits for them:

• The cost of insurance used at the time of issue will be lower than the single life cost currently charged and is fully guaranteed
• The tax free death benefit receipt coincides to the payment of taxes on the death of the surviving spouse
• It can help achieve intergenerational wealth transfer, charitable giving and legacy planning

Read the article below that explains this in more detail and share it with your client from thelinkbetween.ca, our client-friendly insurance blog.

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Is Joint Insurance Coverage Right for You and Your Spouse?

Running a family business has challenges that include head and heart issues which aren’t typically present in other businesses. However, the proverb about shirtsleeves to shirtsleeves – that family enterprises often fail by the third generation – does not need to be a reality for these families. Family enterprises can improve their chances of achieving intergenerational continuity by building their knowledge and skills – and by working with advisors who understand their unique needs and goals.

Continue reading “Help Family Enterprise Clients Avoid ‘Shirtsleeves to Shirtsleeves’” →

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Empower the Enterprising Strength of your Family

The gifting of life insurance to registered charities has always been a popular method for individuals to fulfill their philanthropic goals. For some of your clients, this may be worth considering when it comes to a charity that is near and dear to their heart.

There are two basic options:

• donate a policy while the client is alive or
• make the registered charity a beneficiary of the policy

Continue reading “How Life Insurance can Help your Client’s Favourite Charity” →

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How your Life Insurance can Help your Favourite Charity

Did you know that over 50% of Canadians do not have a will?*  Why? Some don’t know how to get started while others believe they can’t afford it.

Do your clients have a will in place? Is it up-to-date? Help your clients understand the importance of having a will. A will is an important part of their overall plan and without one, assets would be distributed as per provincial intestate legislation. This process takes time, can increase costs, and probably will not match their wishes for their estate. A will is needed in most cases – anyone with assets and/or wishing to give direction for the distribution of assets upon death.

Continue reading “Coordinating the Completion of Your Client’s Will” →

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Where there’s a will, it will be your way

Assisting your clients with planning for the transition of wealth to their children and grandchildren doesn’t have to be a daunting task. Start the conversations with your clients now so they begin to understand the impact of tax on their estate assets.

Do your clients understand the tax implications that occur upon death? There would be a deemed disposition of all their assets at fair market value which could result in tax (excludes the principle residence). There is, however, an exception for assets rolled to a spouse.

Continue reading “Increase Estate Assets Through a Beneficiary Designation” →

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Sharing Your Wealth with the Next Generation

In family succession plans, it can be difficult to transfer the shares of the family business to the next generation while still taking advantage of the capital gains exemption. This difficulty arises due to an anti-avoidance provision in the Income Tax Act. Life insurance can be used to accomplish the transfer on a tax efficient basis.

Bill and Joan, a married couple, are sole shareholders of XYZ Corporation. They want to retire and sell some of the company shares to their son, Bob, without financially burdening the business. It is difficult, however, for Bob to obtain the funds personally in order to complete the purchase of the shares from his parents.

Continue reading “Case Study: Using the Capital Gains Exemption in a Family Succession Plan” →

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Is your family business gaining from the capital gains exemption?