Terry Bork CLU ChFC, President   |   Aurum Insurance Services   |   D: 440-605-7230   |   C: 440-666-6032   |   tbork@auruminsurance.com   |   www.auruminsurance.com

Case Studies

Firm Sponsored Insurance Based Retirement Plan
A major law firm with 200 Partners wanted to provide an additional tax favored retire option exclusively for the benefit of their Equity and Income Partners. The solution was a firm sponsored Insurance Based Retirement Plan, offering Partners the opportunity to acquire an institutionally priced Accumulation Designed Life Insurance policy. The policy offered a unique combination of tax advantaged benefits not available with any other financial instrument or cash accumulation strategy. Each policy was custom engineered to Partner specifications to provide an additional tax favored option to save for retirement based on each Partner’s needs.
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The Multi-Generational Plan
The case involves the following family unit. Husband and wife age 77 and 75 (generation 1), with 5 adult children ages 45 to 52 (generation 2) and 9 grandchildren (generation 3). Generation 1 had total assets in excess of 10m. An Irrevocable Life insurance Trust was established to pay any future estate taxes and their assets dedicated to retirement where sufficient to fund their lifestyle objectives for life.
Generation 1 was interested in helping to provide for the current and future needs of generations 2 and 3, and were currently making lifetime gifts. But, while they felt comfortable they had enough assets to fund their desired lifestyle, they were hesitant to give away too much for fear of needing it in the future.
Generation 1’s assets included real estate, business interests and multiple investment portfolios. They wanted to reduce the risk in their current holding as well as reduce their income taxes.
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Executive Compensation/Business Succession
I have had this small business as a client for over 25 years and we are now entering the third generation of family ownership. The company has grown to over 400 employees with multi-city locations. The company has long had key employees who have contributed greatly to the growth and success of the business.
The first generation owner wanted to establish a compensation and benefit plan that would help retain these key employees while also rewarding them for their contribution to the company’s success.
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