MassMutual makes a serious commitment to clients and financial professionals by investing in a strong Advanced Sales Department. This group of dedicated professionals consults with producers to ensure that the client’s goals are met in a custom-tailored manner. In addition, Advanced Sales works with both in-house and the client’s outside counsel, tax advisors, and accountants in order to fully serve all of the client's business, estate, and insurance planning objectives.
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Business Planning
Ensure control and value of the business
Business planning frequently involves planning for closely held or family-owned businesses, concerning what will or should happen to the business at the death, disability, or retirement of an owner. There may be many decisions to make. Questions to consider include: Should the business be liquidated, sold to associates or others, or continued by the family? What is the value of the business now, what will it be worth to the family, and what will the estate taxes be? How will loss of value be made up for the family? Business planning needs to be coordinated with personal planning to make sure that control and the value of the business are maintained as desired.
Charitable Planning
Important considerations when making a gift to charity
People make gifts to charities for many reasons. It could be generosity, religious belief, gratitude, or an altruistic desire to benefit an alma mater or other organization. Regardless of the reason, the true meaning of the gift is to make the lives of others better. Benefiting a favorite cause can offer more than just self-fulfillment and assistance to others; there may be current tax benefits. Furthermore, donors can utilize life insurance to replace the value of the family assets that are given to charity, thereby financially protecting those who depend on them — and achieving their philanthropic goals.
Estate Planning
A well-designed estate plan can help to meet goals and provide security
Estate planning can help make certain that the well-thought-out plans we make during our lifetimes will be implemented, and that our family’s financial needs will also be addressed.
We all have goals we want to meet during our lifetimes: the education of our children, a comfortable and financially secure retirement, or perhaps the purchase of a new home. The first step of estate planning is to plan for these lifetime goals. This type of planning addresses legal and financial concerns, taking into account goals and tax considerations. It also takes advantage of existing laws and funding vehicles to help save on taxes and optimally manage property during our lifetimes and beyond.
Executive Benefit Planning
Attract, Retain, Reward: Keeping Key People
Executive Benefits Arrangements are special benefit plans that a business can provide to key people (including C corporation stockholder-employees). These plans can be implemented to attract and retain key people by providing special benefits that are only available for a select group of management or other highly compensated employees.
Personal Planning
Ensure that individual wishes are carried out — and that heirs receive assets in a way that minimizes estate, gift, income, and other taxes.
Personal planning can be thought of as a series of tasks that serve to manage an individual's resources in the event of incapacitation, death, disability, or divorce, including the bequest of assets to heirs and the settlement of estate taxes. Most plans are set up with the help of a personal attorney who is experienced in estate law. Additional important aspects of personal planning are family income protection planning, retirement planning, and college planning.
The decision to purchase life insurance should be based on long-term financial goals and the need for a death benefit. Life insurance is not an appropriate vehicle for short-term savings or short-term investment strategies. While the policy allows for loans, you should know that there may be little to no cash value available for loans in the policy’s early years.
The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees, and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.
Participating whole life insurance policies are issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
© 2024 Massachusetts Mutual Life Insurance Company (MassMutual®), Springfield, MA 01111-0001.
All rights reserved. www.MassMutual.com.
Social Security Planning
When it comes to Social Security retirement benefits, decisions shouldn’t be based on one-size-fits-all assumptions. Age, marital status, health, and financial situation are all important considerations that can impact benefits.