If you have prospects up to age 99 who are looking for a crediting rate that is often higher than today’s CD rates, offers tax-deferred growth and passes income tax-free to heirs, while featuring comprehensive protection from creditors, there are two products that deserve your attention.
Many of your clients understand the value of protecting assets earmarked for specific needs from creditors and Medicaid spend down, but have not been advised that there are products specifically designed to establish the proper trust and properly fund it. Often, the client has segregated the funds, but their plans are foiled because no formal properly structured documentation is in place because of lack of follow through or cost.
There are two products designed to assist clients in protecting assets specifically for final and estate needs. Both products are issued on a simplified to guarantee issue basis (dependent upon the health status of your client). The funeral trust product allows your client to set aside up to $15,000 in most states (call for state variations) and the estate planning trust allows your client to set aside up to $100,000. In both cases the trust and the funding is established as part of the application process-a quick, easy and effective process that meets very common client needs.
Ask your clients if they have protected their funeral fund, you’ll be surprised by how many are open to repositioning assets in favor of assuring this simple, universal need. Have they protected a base of assets for their heirs to handle the immediate expenses that often undue the best planned estates-again a simple repositioning of assets is an appealing option for savvy clients.