Sales lead opportunity for planning

How to create outlook signature

I had one chakra zero president founder of safe MoneySmart I've been asked by social insurance leads to continue the training on the estate planning lead it's a brand new lead offered by social insurance com so we're going to talk about another sales opportunity this would be our third one and this is a pretty straightforward sales opportunity what I call leading a legacy so just for winding a little bit what we've done is we've gone through in about 15 minutes 20 minutes tops this final wishes guide we've gathered all the five wishes for the client we understand more about them their age how their loved ones their sons daughters whoever it might be plus their inventory of assets so checking accounts they might have retirement accounts 401 k's i arrays life insurance they have and then real estate so some of the early ones I talked about like solving for the income gap that's something that we can do through an annuity or through life insurance some of the other ones such as offsetting the cost of protecting the executor or administrator that's another sales opportunity that we have a training video on the you know that sometimes is for someone who who doesn't have quite as much begin because it's going to be that bell curve there's gonna be some people that have very little some people that have a whole bunch and then the bulk of them be in between so leaving a legacy that can be for anyone really but it can also be for those that have very little but want to leave a legacy so if we won't play this again I'm sitting here talking with mister mrs. Smith I've just completed the final wishes guide I have handed to them and explained that the wheel kit will be set also and they can complete that at their leisure and I'm going to say something like this okay mister mrs. Smith thank you we've completed the final wishes guide I'm going to email you a digital copy I will also include the people that you had listed who you want to have copies it looks like you have two sons and a daughter named Susan in reviewing this here something that pops out right away is as a major concern is I see how you speak about Susan about your kids your sons your daughter and about the grandkids I see the pictures on the wall but we don't have any retirement accounts okay so we don't have anything that naturally if not spent would go to them upon death and it seems that you're also pretty avid members at your church because when we finished out your place of worship you can fill this out and ages just as a quick reminder it's right here on page two for the revival ranges of memorial service we're getting a really good idea of what their involvement is at the church okay I'm just giving you that as an idea churches charities children the issue I see mr. mrs. Smith is you have nothing here about leaving any sort of legacy so for many people they want to leave something behind whether it's you know $10,000 a piece to pay for grandchildren children's college maybe just a lump sum that would go to their children or in some cases setting and gift upon death to your church I know you said you were members at you know ybc denomination Church down the street so what I'd like to do as a licensed agent is find some things that could you know create a very affordable monthly donation let's call it that that will then turn into a tax-free benefit free of probate when you do die okay and we're going to do that through something called level whole life insurance all right the premium never goes up the policy never expires until you do so let's find something that's affordable and then decide who we want to get that gift to so you can see right there what I've done is I've simply talked about leaving a legacy in a very basic but emotional and understandable way now there are two ways that you can leave a legacy let me give you a little sales in here we can do it through a retirement asset like an IRA or 401k and we can do it through an annuity or we can do it through life insurance one suggestion might be if they have retired assets let's say that they have an IRA for a million dollars just a made-up number let's say it's a hundred thousand dollars either way it doesn't matter that much we can take a portion of that and do something in financial planning that is actually very common and very effective we can do it conversion so if we have this retirement asset but we don't want the annuity to be a tax burden because of annuities it's tax deferred some people call it tax time bomb I happen to be a huge fan I mean nobody's especially fi days but truth be told when it comes to taxation passing on a legacy they're not ideal life insurance is better because it's tax-free so mr. mr. Smith would you like this to be a benefit or legacy that is not taxed or is taxed it's up to you and they're obviously gonna say taxed so we can do a conversion here we took a hundred thousand dollars so this is some calculations put together something I've done personally numerous numerous times but if I take a hundred thousand dollars and I put it into a spirit or an income annuity for mr. Smith who let's say is 65 years old it's going to pay out about sixty five hundred dollars a year he can take that sixty five hundred dollars and talk about a force multiplier he can take that sixty five hundred dollars and I ran a gol with an alienated carrier using standard not preferred not premier I use a standard health rating okay and it was two hundred and fifty five thousand dollars with one that carriers I got as high as two hundred and seventy four thousand dollars so mr. spend how do you like to take a hundred thousand dollars of what would be a tax benefit and convert it into over a quarter million of a tax for debt benefit that you can split amongst the three kids and your church how's that sound if mr. Smith if you died too early we can make mrs. Smith the primary beneficiary with the contingent beneficiaries being the children and a church or we do the opposite way right we could put the policy on her and she dies before mr. Smith he can get the money but knowing that he's probably gonna die first then she dies second the contingent beneficiaries would be the ones getting the money and now you're taking that tax-free death benefit free of probate immediately to your beneficiaries might be so that's how we're going to take a and maybe you know maybe it's something where they don't have much money maybe we're writing a ten thousand dollar fine we've spent your whole life policy either way it's the idea of the one thing I see here is you have a lot of love for your children for your grandchildren the way you speak about a woman Phil this guy down I noticed that you're very involved in your church but you have no plans no designations for anything to be sent to them so you've gotta make it sound acceptably normal because it is they've just never sat down and looked at it that way see a lot of times with life insurance and annuities they feel that their means soul something what are the great things about the estate plan lead is you're not selling them something you're offering them solutions because as you go through this final wishes guide you are essentially creating the state plan you're going to send it up to their loved ones they're going to make them feel good that everything is in order now when you bring up the question I don't see anything you have about leaving legacy nothing to your church stuff and your children or their grandchildren see that I can act like that's kind of shocking because frankly it doesn't seem to be in line with their personalities but now I'm not some of them something now I'm giving them something an opportunity to complete this estate plan and include passing on a benefit whether it's $5,000 a piece 50,000 large piece it doesn't matter to their loved ones whether it's taxed in annuity form or tax-free through life insurance and convert it that way so hopefully that helps that's our sales opportunity on leaving a legacy banking [Music]