Risk and Insurance

Risk Management and Insurance

Many circumstances have the potential to cause greater damage to the security of your assets than investment risk. Risk management and insurance planning should be a critical component in comprehensive wealth management for unexpected circumstances such as litigation, an untimely death, disability, long term care, or catastrophic business event.

For that reason, it’s imperative that a comprehensive wealth management plan take into consideration whether your assets are at risk beyond your ability to self-insure. Through our expertise in risk management and insurance planning we can help you identify, quantify, and manage a wide range of possibilities. Through a broad array of insurance products, other financial arrangements, and appropriate tax strategies we can establish a custom plan to protect your assets from undue exposure.

Personal Insurance Protection

Like many investors, you may have property and casualty protection, as well as medical coverage. However, death or disability can derail the best financial plans without the proper income replacement coverage. Similarly, the high costs of a long-term care event can quickly erode assets as well. Risk management and insurance planning for these contingencies is an essential part of your comprehensive wealth plan.

Estate Planning Protection

A carefully designed estate plan using advanced planning with life insurance can provide a powerful and efficient means of passing wealth to the next generation. Properly titled, your life insurance proceeds will not be reduced by income taxes or estate taxes. Using an irrevocable life insurance trust can also fund a charitable legacy, replace a charitable gift, provide liquidity for estate taxes, equalize inheritances in blended families, and provide creditor protection in the event of a failed marriage.

Retirement Planning Protection

An often overlooked retirement planning tool is cash values that accumulate on a tax-deferred basis that may also be withdrawn on a tax-advantaged basis. With properly designed permanent life insurance, it provides death benefit protection and the opportunity for a living benefit during retirement. Additionally, a retirement insurance solution may help you maximize the assets you transfer to heirs, and protect assets in case you or your spouse needs long term care.

Business Planning Protection

Planning for the continuation of your business is an important consideration in the event of the death or disability of a business partner. A properly structured buy/sell agreement allows you to transfer business interests in a controlled, orderly way. Insurance protection may also provide funding for the buy/sell agreement, protection from the loss of a key employee, and “golden handcuffs” for key employees with executive benefits.

GC Asset Management has the expertise and tools to address these and other risks. Working with your tax and legal experts we will review your resources and existing risk management and insurance plan to align it with your long-range goals.