Life Insurance Review

Transcription

1 Legal & Fance Passare, Robert L. Shepard Proessional Law Corporation and Jeery A. Perry, Lie Insurance Agent Lie Insurance Review ebook #4

2 End o Lie Management ebook #4: Lie Insurance Review Fdg the correct lie surance or yoursel or your amily members can be a dauntg task but it is a crucial component to your end-o-lie planng process. Lie surance protects you, your amily, and your busess rom uncertaty. Buyg lie surance is an vestment. To get the best return or your vestment, you must choose the right company. Use our guide to help you make the right choice based on your speciic needs. This ebook cludes ormation to help you thk about and understand lie surance. You Will Learn: 1. What is Lie Insurance? 2. Term or Permanent Insurance: Which is right or you? 3. Taxes and Transer o Ownership 4. Irrevocable Lie Insurance Trust 5. Resources or Lie Insurance Assistance 6. Gettg Prepared 7. What s Next The ebook cludes: A. Lie Insurance Checklist B. Glossary o Lie Insurance terms C. Glossary o Terms Estimated Time Required: 45 to 60 mutes 1

3 1. What is Lie Insurance? Lie surance is a contract between you (the sured) and a company (the surer). At the most basic level, you agree to give money to the surer (buy surance) and then, when you pass, the company agrees to give money to your beneiciaries (death beneit/proceeds). It is a legal document and it entails one major component: In the case o a person s death, the surance company will automatically provide a lump-sum or repeated amount o payments to the designated beneiciary. Ater the sured s death the lie surance policy can help ensure the deceased person s amily and loved ones are spared rom big ancial crisis or some time. There are many variations that can be built to this type o contract. For example, some surance will pay out case o a termal illness, or make multiple payments over time. How much you pay or the surance depends on several actors such as your age, when you began your surance plan, the payout amount, and what type o plan you selected. I you are the sole come earner and have children, your goal may be to ancially support or replace come or a certa length o time i you pass away beore your dependents. Lie surance may also need to be purchased on a stay-at-home spouse/partner that is responsible or childcare or other necessary amily matenance. Lie surance is classiied on the basis o whom it sures. There are two types: 1 Sgle Lie Sgle lie policy is the traditional orm o lie surance policies. The policy sures one dividual and pays the proceeds upon the death o that person. 2 Survivorship, also known as Second-to-Die A Survivorship policy is a relatively new orm o policy that only pays a death beneit when the last o two or more named sured s die. A Survivorship policy provides a low-outlay, cost-eicient source o cash to und the estate tax liquidity needs at the death o both a husband and a wie. 2

4 You can buy surance that provides both death beneit coverage and builds cash value or ocuses on providg guaranteed death beneit coverage. 2. Employer Beneits Beore you buy lie surance, d out what type o surance plan your employer provides. Employers and busesses oten have contractual plans with a given surance company, enablg employees to get aordable lie surance. I your company does oer lie surance, d out the type o policy and how the beneit is calculated. Most employer-sponsored plans provide a multiple o your annual come as coverage, but rarely provide the proper amount o lie surance necessary or an dividual or amily. In most cases, you would need to purchase additional lie surance on your own. Typically, employer-sponsored lie surance plans are group term policies that termate when you leave the company. In some stances, you may be able to pay or the policy on your own, but the cost is usually higher and it is typically a good idea to explore your options. Now, take a ew mutes to answer these questions. 1. Would your amily s ancial security be at risk i you pass away prematurely? 2. How much money will your dependents need order to live comortably ater you re gone? 3. What are your monthly expenses, cludg mortgage payments and utilities? Could your amily aord to contue livg your home? 4. How much debt would you be leavg behd (cludg any medical or estate expenses) that your amily will need to be able to pay o? 5. Could your children s college educations be paid or? Y/N 6. How about any emergency expenses, such as an home repair? 7. Will your amily need assets to handle taxes on your estate? 3

5 2. Term or Permanent Insurance: Which is right or you? There are two types o common lie surance plans, term and permanent surance. Permanent surance cludes universal and whole lie surance. Insurance Type Provides Premiums (Your Cost) Term Insurance Guaranteed payment at death A saety net or lost come durg your lietime May or may not have a level premium Can typically be paid over a range o one to 30 years Typically starts out lower than a permanent policy Increases annually, or at the end o a speciied term because the sured s probability o death creases each year Insurance Type Provides Premiums (Your Cost) Whole Lie, also known as Permanent Insurance Protection over the entire lietime o the sured A ixed death beneit Note: Dependg on the policy and company, other beneits may be attached. May or may not have a level premium Can typically be paid over a range o one to 30 years Typically starts out lower than a permanent policy Increases annually, or at the end o a speciied term because the sured s probability o death creases each year 4

6 Variations o Traditional Whole Lie Policy Vanishg Premium Variable Lie Universal Lie Provides protection over the sured s entire lietime Requires policy premiums are paid over a shorter term, typically 7 to 10 years Requires higher premiums to build value the side und to carry the policy or the balance o the sured s lietime Allows its owner to use the cash value the side und to vest mutual und vestments Shits vestment risk to the policy owner because the owner is makg the mutual und vestment decisions Allows its owner to vary the amount o the annual premium or even skip a premium Adjusts annually, by the surer, to relect current charges or mortality, expense, and vestment perormance In certa cases, transers underwritg and vestment risk rom the surance company to the policy owner Owner controls the cash low both side the policy (side und) and outside (annual premium payments) Helpul Ht: I a spouse is employed and coverg the amily s livg expenses, then it s a good idea to sure that spouse. I the workg spouse dies, the surance proceeds can contue to support the amily. I a spouse works at home, the surance should clude the cost o the work, such as childcare, home management, that he/she may have normally perormed without pay. I the lie surance proceeds are needed to pay or ederal estate taxes, normally due at the death o the second spouse, then a survivorship policy (second-to-die) may be more appropriate. 5

7 Now, take a ew mutes to answer these questions. 1. To determe who your amily should be sured, identiy when and or what purpose beneiciaries will need the surance proceeds. 2. In your situation, compare the pros and cons o term lie and whole lie surance. 3. I you are a two-come household, are there costs o workg, such as childcare or home matenance, that should be cluded the surance coverage? 4. When will I discuss with them my request or their participation? 5. I you decide to choose permanent lie surance, which type makes the most sense or your situation? a. Whole Lie b. Universal lie c. Variable lie d. Vanishg premium 3. Taxes and Transer o Ownership The Internal Revenue Code allows special come tax and estate tax treatment or lie surance. In most cases, the death beneit proceeds rom a lie surance policy are not taxed as come or come tax purposes. For estate tax purposes, there are dierent rules. You may be able to avoid estate taxes on the surance proceeds by transerrg ownership to another party. Lie surance policies that are owned by the decedent are part o the decedent s gross estate or ederal estate tax purposes. 6

8 Lie surance proceeds on the lie o a deceased person are cluded a deceased person s estate i that deceased person had cidents o ownership over the policy durg the last three years o the decedent s lie. An cident o ownership is an stance o legal terest or right any type o property. Owng the lie surance policy is a clear cident o ownership. I somebody else owns the lie surance policy but the decedent pays the premiums and controls the policy. The payment and control may be considered an cident o ownership and cause the lie surance policy proceeds to be cluded the decedent s gross estate. Other cidents o ownership clude the: Right to change the beneiciary designation on the policy Right to borrow agast the lie surance policy The presence o any o these rights the policy is enough to clude the lie surance proceeds the decedent s taxable estate. Helpul Ht: To avoid cludg lie surance proceeds as part o your estate, do not have cidents o ownership the policy. Transer Ownership o Lie Insurance Policies An existg surance policy can be transerred or gited to remove the policy rom a person s estate. Sometimes it makes more sense to transer ownership o your lie surance policy i you leave an estate greater than $5.25 million. For a couple, they should transer ownership i their combed taxable estate is more than $10 million. This transer is treated as a taxable git. The three-year contemplation o death rule means the transer must occur at least three years prior to the sured person s death or the value o the lie surance policy will be brought back to the estate or estate tax purposes. You must live or three years ater the git o the surance policy to get the policy value out o your estate or estate tax purposes. 7

9 Here is an example o the three-year contemplation o death rule. Norma gives her $500,000 term lie surance policy to her riend, Carry. Norma dies two years later. For ederal estate tax purposes, the git is rejected, and all o the proceeds, $500,000, are cluded Norma s taxable estate. I Norma had transerred the lie surance policy three or more years beore her death, none o the proceeds would have been cluded her taxable estate. I you want your lie surance proceeds to avoid ederal estate tax, transer ownership o your lie surance policy to another person or entity. The lie surance proceeds are paid to the person who owns the policy, also known as the beneiciary, when the sured dies. Another option is to create an irrevocable lie surance trust and transer ownership to the trust. When the sured dies, the proceeds go to the trust. Helpul Ht: I you own a lie surance policy on your lie and you are concerned that your estate may have a uture ederal estate tax liability, contact a trusted surance and ancial proessional or estate planng attorney that can help answer questions and advise you correctly. Now, take a ew mutes to answer these questions. 1. What are the advantages o transerrg ownership o your surance policy? 2. What are the disadvantages o transerrg ownership o your surance policy? 3. I you decide to transer ownership, who would you transer ownership to? 8

10 4. Irrevocable Lie Insurance Trust To remove lie surance proceeds rom your estate, you can git the surance policy to your children. The children will then be responsible or matag the policy and payg the uture premiums. A better alternative may be to utilize an irrevocable lie surance trust (ILIT). An irrevocable lie surance trust is designed to hold a lie surance policy durg the sured s lietime. When the sured passes away, the proceeds are distributed to the amily or other beneiciaries such as a charity or other entity. The sured cannot be the trustee o the ILIT. The sured would name a trustee and give the trustee enough money each year to pay the policy premiums. The irrevocable surance trust would be both the owner and the beneiciary o the lie surance policy. Then, each year the sured could make a git to the trust adequate to und the next year s surance premiums. The lie surance trust is usually ununded, except or the amount needed to pay the annual premium. The trust usually contas a Crummey withdrawal provision. This provision gives the beneiciaries o the trust the right to withdraw the amount contributed to the trust or a short period o time. It is anticipated, o course, that the beneiciary will not withdraw the amount. Ater the withdrawal period is over, the trustee can use the contributed unds to pay the premium. The money or premiums is transerred to the trust, but or legal reasons, it has to be a git. However, to be legitimate, the beneiciaries o the git have to be allowed the option to take a withdrawal (their portion/git) rom the trust. Ater a speciied time rame, the withdrawal period ends and they lose the option to withdraw their git. At this time, the trustee can use the unds to pay the premium. The consequence, should someone exercise their right under the Crummey withdrawal provision, is to withdraw their git; the trust may no longer have the unds or the premium. It is recommended that the beneiciary speak with their advisor as to the consequences o exercisg their right to withdraw under this provision. 9

11 ! TIP: Includg the Crummey provision allows the contribution to the trust to be treated as an annual git and excluded rom git tax up to the $14,000 annual git tax exclusion amount. Advantages o an Irrevocable Lie Insurance Trust The irrevocable lie surance trust can remove the surance proceeds rom both the sured s and the survivg spouse s estates. The git o the surance policy to the trust gives the sured more control over the policy than would the outright policy git. The trust, like any trust, can provide or proessional management o the proceeds by a careully selected trustee.! TIP: An irrevocable surance trust is a lexible document to hold lie surance policies that can ultimately beneit the children and other beneiciaries. Disadvantages o an Irrevocable Lie Insurance Trust There are relatively ew disadvantages makg gits o lie surance to a trust rather than makg them outright. One disadvantage is the cost o preparg the trust agreement and possibly the annual iduciary come tax returns and accountg ees. The procedure or makg the annual contributions to the trust is complicated and a record o the Crummey withdrawal letters must be mataed. Fally, i the sured dies with three years o transerrg an existg policy to a trust, the amount o the policy will be cluded the sured s gross estate. 10

12 Usg Lie Insurance to Pay Taxes For wealthy dividuals or or a amily with assets that cannot be easily sold to pay estate taxes, lie surance is oten an important (i not critical) component o estate planng. A solution to provide unds to pay any ultimate estate tax liability is to purchase a lie surance policy an irrevocable trust.! TIP: I your estate will have a need or cash at death and there is no source o cash, a lie surance policy can provide the alternative source to meet this estate tax need. Now, take a ew mutes to answer these questions. 1. What are the advantages o an ILIT? 2. What are the disadvantages o an ILIT? 3. Is the total value o your trust prcipal such that the amount that can be contributed to the trust each year and still qualiy or the annual git tax exclusion is less than an outright git made directly to the beneiciaries? 4. Will you need lie surance to help pay estate taxes? 5. Resources or Lie Insurance Assistance I your employer does not provide lie surance beneits and you would like to choose a curtailed surance plan or yoursel, there are certa critical components to keep md. You need to determe how much lie surance you actually need. Below are some actors to consider when decidg which type o lie surance is best or you and your amily. 11

13 The amount o money your amily needs to support and mata what you leave behd is the most vital component. Take to consideration college tuition, mortgages, and car payments. Use a lie surance calculator, available or ree on the Internet, to make a precise calculation o this sum. Look up lie surance calculator on Google or Bg search enges and try some o them to get a good understandg o your surance needs. Once you have a sum, compare dierent surance companies rates to d the best deal or you. Another excellent option is to contact an surance proessional or ancial planner to help you determe how much money your amily will need. Most surance proessionals will provide a Fancial/Capital Needs Analysis ree o cost. The Fancial/Capital Needs Analysis is recommended when you are unsure about your ancial needs. A good lie surance agent can help you to d the right surance company, or get you started with a company they represent. An experienced agent will ask or ancial ormation to help you apply or the appropriate amount o surance. A lie surance agent will also identiy various health and liestyle actors that determe the costs o lie surance. For example, people who smoke may need to pay more or their policy. I you are unsure about how much money your amily needs when you are gone, hirg a lie surance agent is a great way to go. To buy lie surance, you usually need to undergo simple medical examations to help determe your surability and the costs o your policy. This could clude a ure sample, blood draw, or EKG, to name a ew. 12

14 Helpul Ht: Read your policy careully and ask questions. Review your lie surance needs every 6-12 months with your agent. Shop around to decide which plan best suits your needs. (See Term and Permanent Insurance: Which is right or you?) Compare policies. Be aware that changg policies may aect your come taxes, especially i not done properly. Add other assets you have such as, savgs, vestments, real estate and personal property. Be candid when workg with a proessional and d one you trust. Now, take a ew mutes to answer these questions. 1. I your employer provides lie surance, is it suicient or your amily s needs? 2. When you used the lie surance calculator, what were the results? 3. Are you unsure o your ancial needs? I so, contact an surance proessional to get your ree Fancial/Capital Needs Analysis. Documents Needed to Purchase Lie Insurance Identity Proo Address Proo Application Passport PAN Card Voters Identity Card Drivers License Government issued ID Consular ID card Telephone bill Bank account statement Letter rom any recognized public authority Medical history (usually past 5-10 years) Medications (dosage, requency, and purpose) Visits to doctors (date, diagnosis, medications, Family medical history (usually immediate amily) 13

15 6. Gettg Prepared When meetg with a proessional to get your lie surance application started, be sure to have the above reerenced documents ready to show. A photo ID and proo o address will usually get the application started. You will likely also need to know your social security number or TIN (tax-payer ID number). By havg documents and medical ormation on hand, the application process will go more quickly and smoothly. In many stances, you will need bank ormation, a check, or some orm o payment or the irst month s premium to hand with the application. This will sometimes provide you with temporary coverage while your application is processed. The more ormation and history you provide your agent/proessional, the more quickly the application and underwritg process can go. Questions to Ask Yoursel How much amily come do I provide? How many dependents do I have? Do I need to set aside money or any dependent s education? How will my amily repay and handle debts ater my death? Will I need childcare or other assistance ater my, or my spouse s, death? Are there any charities or organizations I would like to give money to? Are there estate taxes to be paid ater my death? Which assets could my amily sell or cash to pay expenses ater my death? Will lation aect uture needs? Questions to Ask Your Lie Insurance Agent Do premiums or beneits vary rom year to year? How much do the beneits build up the policy? What part o the premiums or beneits is not guaranteed? What is the eect o terest on money paid and received at dierent times on the policy? How quickly does the cash value grow? What s the dierence between a stock and mutual company and how does that impact me? Is my policy participatg and what happens to my dividends, i they are paid? 14

16 7. What s Next A well-traed surance proessional can walk you through this process and address your concerns and questions. Work with someone you trust and are comortable with. Be sure to get the answers you need or work with another agent i you don t eel conident the person you are workg with. The ormation contaed this booklet is or educational purposes only and is not tended to be construed as legal advice. For legal advice, consult an attorney. The ormation contaed this booklet is subject to change and does not purport to be a complete statement o all relevant issues. In certa jurisdictions this may constitute attorney advertisg. 15

17 End-o-Lie Management ebook #3 Lie Insurance Checklist This lie surance checklist cludes items to thk about beore you meet with a licensed lie surance agent. It will help the agent gather all ormation order to igure out the policy that s right or you. General Questions What would you like your lie surance policy to achieve? Pay uneral arrangements? Pay the outstandg balance owg on a mortgage and other debts? Oset the loss o your come? For how long? Contribute to the uture education o your children? Who would you like to sure? Your own lie Both you and your spouse (jot lie surance policy) Beneit to the survivor How long will you need lie surance? When will your mortgage be paid o? The amortization period o your mortgage will oten determe how long your term lie surance policy should be. 16

18 When will your children be ished with school? Once they ish their education, havg enough coverage to pay their educational expenses won t be necessary. When are you planng to retire? You will have less come to replace at that time. How much coverage can you aord? How high o a premium can you pay on a monthly basis? Quarterly? What is the claims-payg ability o the surance company you re considerg? How is the company rated by dustry experts? Do you have the proper supplemental riders? Waiver o premium. Long-term care coverage. Low-terest withdrawal privileges. Are you makg the most o your annual policy dividend distributions? Do your policies conta guaranteed terest provisions? 17

19 Your Assets How much money do you have your savgs account? How much money do you have your checkg account? How much do you have an IRA, 401(k), or another retirement account? Do you have any stocks or bonds? Do you own any real estate? Do you own a car, a boat, or another vehicle? Your Income How much is your annual salary? Do you have come rom other sources? (Social Security, pension, real estate come, vestment come or dividends, etc.) Your Liabilities Do you have a mortgage? How much do you owe per month? Do you rent your home? How much do you owe per month? 18

20 Do you have student loans? How much do you owe per month? Do you have unpaid medical bills? How much do you owe per month? Do you have unpaid taxes? How much do you owe per month? Do you have credit card debt? How much do you owe per month? Do you have surance (health, auto, home, lood, etc.)? How much are the premiums? 19

21 Glossary Accelerated Beneits Rider: Accidental Death and Dismemberment: A lie surance rider that allows or the early payment o some portion o the policy s ace amount should the sured suer rom a termal illness or jury. Insurance providg payment i the sured s death results rom an accident, i the sured accidentally severs a limb above the wrist or ankle jots, or i the sured irreversibly loses his or her eyesight. Accidental Death Beneit Rider A lie surance policy rider providg or payment o an additional beneit related to the ace amount o the base policy when death occurs by accidental means. Beneiciary Best s Insurance Report Person to whom the proceeds o a lie policy are payable when the sured dies. The various types o beneiciaries are: primary beneiciaries (those irst entitled to proceeds); secondary beneiciaries (those entitled to proceeds i no primary beneiciary is livg when the sured dies); and tertiary beneiciaries (those entitled to proceeds i no primary or secondary beneiciaries are alive when the sured dies). A guide, published by A. M. Best, Inc., that rate surers ancial tegrity and managerial and operational strengths. Conditional Receipt Given to policy owners when they pay a premium at the time o application. Interim coverage durg the underwritg process is provided subject to terms and conditions o the receipt. 20

22 Contgent Beneiciary Person or persons named to receive proceeds case the origal beneiciary is not alive. Also reerred to as a secondary or tertiary beneiciary. Conversion Privilege Convertible Term Decreasg Term Insurance Allows the policy-owner, beore an origal surance policy expires, to elect to have a new policy issued that will contue the surance coverage. Conversion may be eected at attaed age (premiums based on the age attaed at time o conversion) or at origal age (premiums based on age at time o origal issue). Contract that may be converted to a permanent orm o surance without medical examation. Term lie surance on which the ace value slowly decreases scheduled steps rom the date the policy comes to orce to the date the policy expires, while the premium remas level. The tervals between decreases are usually monthly or annually. Disability Income Rider A type o health surance coverage, it provides or the payment o regular, periodic come should the sured become disabled rom illness or jury. 21

23 Insurance Company Ratgs Increasg Term Insurance There are ive major surance dustry ratgs services; A. M. Best, Standard & Poor s, Moody s, Fitch, and Weiss. These services provide ormation on surance company ancial perormance, stability, claims payg ability, and more. The top ratgs are: A. M. Best= A++, Standard & Poor s=aaa, Moody s=aaa, Fitch=AAA, Weiss=A+. Generally, IntelliQuote Insurance Services recommends companies that carry at least an A+ ratg rom A. M. Best. Occasionally, an A- rated company may be quoted i price and company perormance justiies the selection. Term lie surance which the death beneit creases periodically over the policy s term. Usually purchased as a cost o livg rider to a whole lie policy. Level Term Insurance Term coverage on which the ace value and premiums rema unchanged rom the date the policy comes to orce to the date the policy expires. Medical Examation Typically, the medical examation is conducted by a licensed paramedical proessional. The medical report is part o the application process, becomes part o the policy contract, and is attached to the policy. A non-medical is a short-orm medical report illed out by the lie surance agent. Various company rules, such as amount o surance applied or or already orce; applicant s age, sex, past physical history; data revealed by spection report, etc., determe whether the application will be accepted on a medical or non-medical. basis. 22

24 Other Insured Rider A term rider coverg an eligible amily member or busess member other than the sured that is attached to the base policy coverg the sured. Preerred Risk A risk whose physical condition, occupation, mode o livg and other characteristics dicate a prospect or longevity superior to that o the average longevity o unimpaired lives o the same age. (See Standard Risk.) Premium The periodic payment required to keep and surance policy orce. Primary Beneiciary The beneiciary designated by the sured as the irst to receive the policy beneits. Proceeds Net amount o money payable by the company at the sured s death or at policy maturity. Rider Strictly speakg, a rider adds somethg to a policy. However, the term is used loosely to reer to any supplemental agreement attached to and made a part o the policy, whether the policy s conditions are expanded and additional coverage is added, or a coverage or condition is waived. Secondary Beneiciary An alternate beneiciary designated to receive payment, usually the event the origal beneiciary predeceases the sured. 23

25 Smoker Ratgs Standard Risk Insurers will give a lower premium rate to consumers who do not smoke or use tobacco. I you have smoked the past, most carriers will consider you a non-smoker, i you have not smoked or one year prior to applyg or coverage. Consumers should be aware that nicote can be detected a variety o route screengs tests that are now commonly required by most surance companies. A person who, accordg to a company s underwritg standards, is entitled to surance protection without extra ratg or special restrictions. Sub-Standard Risk A person who is considered an under-average or impaired surance risk because o physical condition, amily or personal history o disease, occupation, residence unhealthy climate or dangerous habits. Suicide Clause Term Lie Insurance (Term Insurance) Term o Policy Most lie surance policies provide that i the sured commits suicide with a speciied period, usually two years, ater the issue date, the company s liability will be limited to a return o premiums paid. Protection durg limited number o years; expirg without value i the sured survives the stated period, which may be one or more years but usually is ive to 20 years, because such periods usually cover the needs or temporary protection. Period or which the policy runs. In lie surance, this is to the end o the term period or term surance. 24

26 Underwriter Unsurable Risk Waiver o Premium Whole Lie Insurance Company receivg premiums and acceptg responsibility or ulillg the policy contract. Also, company employee who decides whether the company should assume a particular risk; or the agent who sells the policy. Individual not acceptable or surance due to excessive risk. Rider or provision cluded most lie surance policies exemptg the sured rom payg premiums ater sured has been disabled or a speciied period o time, usually six months. Whole Lie Insurance is also known as Ordary, Standard or Permanent lie surance. Unlike term surance, whole lie surance provides surance coverage or the lietime o the sured. Whole lie surance policies also provide tax-deerred buildup o cash value, payable upon surrender or payment deault. Generally, permanent surance has ixed premiums and death beneits. Other types o permanent coverage, such as Graded Premium Lie, Universal Lie, and Variable Lie, oer variable premiums and death beneits. 25

27 From birth to death, lie is a series o passages. Passare provides an onle service that connects people to trusted End-o-Lie management experts and resources. With Passare, you can explore, plan and prepare or end-o-lie management, simpliyg the process while honorg ensurg the speciic needs and wishes o you and your amily. Passare gives you control over one o lie s most important passages. Robert L. Shepard s practice is ocused on preventative law, basic estate planng, designed to avoid probate; amily limited partnerships designed to reduce estate taxes; S Corporation ormation to protect assets, and creatg irrevocable trusts to protect heritors agast creditors. He has helped over 1,000 clients protect their hard-earned assets and ensures that these assets get passed on to the next generation. Havg been beore every Federal District Court Caliornia, the U. S. Tax Court, and many o the state s Superior Courts, he has never had a sgle: trust set aside, busess agreement held unenorceable, or entity disallowed by the Internal Revenue Service, or any court. He also as a deep terest transerrg his breadth o knowledge the classroom as a law proessor. Jeery A. Perry, Lie Insurance Agent As a Licensed Agent with New York Lie Insurance Company, Jeery A. Perry is committed to providg dividuals, amilies, and busesses with lie surance and ancial products that meet their needs. Jeery is a native to the San Francisco bay area with strong amilial ties to Mexico and speaks Spanish and Portuguese addition to English. Je is traed to help you identiy your needs and goals, while also buildg a strategy that will help you reach your objectives. From key-person and executive bonus policies or busesses to amily and dividual plans, Je is experienced designg customized solutions or each situation.