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Wealth Control Advisors, LLC
60 William Street, Suite 200
Wellesley, MA 02481
781-235-8891 MA telephone
781-235-8890 private fax
866-235-8991 outside Mass.
10781 Waterford Place
West Palm Beach, FL 33412
561-691-1380 FL telephone
info@wealthcontrol.com
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Case Study 4: I’ve Got Time
As part of our Ongoing Management Of Total Wealth, we have been working with a 47-year-old insurance client, with Multi Million estate, was immensely successful as a self-employed entrepreneur, yet he never seemed to allocate time to work on his personal legacy, estate, and insurance planning. Why? Because he was too busy making money and dealing with his daily routine and knew that he had “plenty of time” to deal with that part of his financial planning. His personal and business real estate and other investments were growing dramatically. He had business opportunities, and a large family, keeping him very busy so that he did not worry about the future.
Unfortunately, time was not on his side; he did not know that his family history of heart disease would catch up with him far sooner than he anticipated. We had prepared estate tax planning and insurance strategies in June 2006, but in spite of repeated efforts, we never were able to meet in order to increase his life insurance which had been his objective. About 3 months later, he had a medical crisis resulting in coronary bypass surgery on 5 arteries. Thus, he cannot at this time buy new insurance cost effectively and may not be able to far into the future.
Yet this medical event created a significant motivation to work on the estate and insurance planning looking at all facets of his family’s needs and levels of current or future protection. The result is that we have undertaken efforts to insure all members of his family, including obtaining life policies with guaranteed future purchase options on his children and large blocks of life insurance on his wife as a substitute plan than since he cannot cover or add insurance on his own life. We intend to host Family Meetings to educate the adult children understand how the new insurance fits into their personal Charitable and Estate Planning.
The family had the resources to do planning previously but only did it on a limited basis. The medical event triggered a review of all the tax and insurance planning uses, and the family views changed overnight. The role we played in helping the family plan for future unforeseen events points out once again that we all become un-insurable someday, that we cannot wait until tomorrow to plan for contingencies that might happen today.
You can read about our comprehensive Tailored Services, Our Clients, or How We Work, or Contact us to get started today.
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