In the second episode of our new SEB podcast series about financial education, our guests today are Joe Jordan and Jayne Schiff who tell their stories about why you should start early. Joe specifically shares how he was the son of a "great depression" single mother with her money under the mattress.
Have you ever wondered what you need to know to be financially successful? Well, in a series of podcast over the next few months, Matt Schiff, CLU, ChFC, WMCP and founder of Schiff Executive Benefits will be discussing these important items with John Stamper, his Podcast Host, and his stars studded guests.
In the first two Episodes, we get an introduction of how Matt and SEB started, and then in Episode 2 get into a concept that EVERYONE should know, "Save Early".
You've heard the saying, "Buy Term and invest the difference, right?" Well, in this clip, Tom Hegna explains the BASICS about Whole Life Insurance. When combined with other tax strategies, as well as a Long Term Care Rider which is now a "standard" rider that EVERYONE should add to your policy (if old enough), it becomes an Asset that you can use your WHOLE LIFE.
If you are in your 20's, the concept is compounding. A life insurance policy purchased when young, can do the following:
Check out the Latest Trends in Executive Benefits in the latest Schiff Executive Benefits (SEB) Newsletter. This month, learn:
Are you an “Independent” Corporate and/or Bank Owned Life Insurance Consultant? Do you remember the Ramsey Study Group in the late 2000’s?
Well, if you want to be part of a group of “like minded” producers who wish to learn and share knowledge with some of the brightest and best in the business, then plan on being in New Orleans, November 5th to 7th, for a fast paced knowledge summit specific to the advanced planning market of corporations and banks. Meeting will be held at the Hotel Monteleone where the latest changes to products, services, and admin platforms will be discussed. Cost savings ideas on existing plans, as well the latest designs and tax law updates will be shared.
Speakers: Mel Todd (COLI Consulting Group), Peter Ricchutti (Professor Tulane Business School), Bud Schiff (Alvarez and Marsal), Dylan Major (Pangburn Group) and MANY more.
Recently the Today Show did a piece on purchasing life insurance and having a will. In this video they explain the Why, How, Costs, Types of Coverage, and who you can buy Life Insurance from.
Writing a will and buying life insurance: What you need to know (today.com)
Did you know that only 31% of people feel like they understand life insurance? Why not get educated and click on our link to the Today Show's clip to learn more. Then, come back and we can help.
Actionable Ideas to Recruit, Retain
and Reward Key Talent
In a time when more executives are walking away from their jobs, what can you do to keep them leaving during the Great Talent Recognition? Well, in this article by Andreas Stuermann, a fellow Lion Street Owner, he shares his ideas and insight into what might interest you and your staff that isn't for everyone, discretionary, and may be fully cost recvoered.
In 2021 the House Ways and Means Committee and Senate Finance Committee have drafted legislation that will dramatically change the taxes on Generational Tax Planning. Words like GRATs, CRATs, FLPs, and ILITs are effected as these "financial instruments" that are usually Grantor Trusts, or set up by a donor (grantor), are set up for long term planning. Well, today that long term planning has to change based upon these new tax rules.
Take a look at what Michael Fontanini of Lion Street highlights as potential problems for families that have these very useful instruments in place.
In today's post COVID world, are you finding it hard to keep your best people happy, while making sure that you don't overpay the rank and file employees? Well maybe a Phantom Stock Plan, informally funded using key man life insurance, might be an answer.
Check out this sample program from one of our carriers, Guardian. It outlines these benefits in easy, simple to understand discussion pages, and then shows you the cash flow from the business, the benefits provided to the participant and his family in case of pre-retirement death, and the flexibility available to the company in funding this benefit, that, depending on the age and tenure of your employee, can provide a significant supplemental income at retirement that prevents them from leaving for a few extra thousand in compensation
Click on the following link for a copy of a Phantom Stock Sample. Then, if you'd like to a have a custom design done for you or your company, give us a call at 610.292.9330 or send us an email at info@SchiffBenefits.com.
