demystifying protection planning for the business owner
TRANSCRIPT
welchllp.com
GROUND RULESQuestions
• Attendees are in listen-only mode• This webinar is being recorded for future on-demand playback• Your participation represents acknowledgement that we are recording
• Tweet questions & comments to: #WelchDemystifying
Windows Mac Tablet
Ryan Dostie, CPA, CA, [email protected]@WelchLLP
Pierre Bernier, CFP, FMAFinancial Consultant – Scotia Wealth Managementpierre.bernier@scotiawealth.comwww.scotiawealthmanagement.com
PRESENTERS
Tom Bryan, CFP, CLUSenior Advisor – Scotia Wealth Management [email protected]
WHAT WE’LL COVER TODAY• The Ultimate Myth
• What is the Role of Insurance?
• Types of Insurance
• Taxation of Insurance
• Changes in Insurance
• Q & A
THE ULTIMATE MYTH
THE ULTIMATE MYTH
“I have $1,000,000 of life insurance, that’s enough,
right???”
According to Wikipedia:
Insurance is a means of protection from
financial loss. It is a form of risk management
primarily used to hedge against the risk of a
contingent, uncertain loss.
WHAT IS INSURANCE?
• Risk Protection
- Death
- Disability
- Critical Illness
• Tax Planning (Opportunity)
- tax-shelter investments for use in retirement
- tax-shelter investments for estate planning
WHAT IS THE ROLE OF INSURANCE?
• Life- Term- Permanent Whole Life- Permanent Universal Life
• Disability
• Critical Illness
TYPES OF INSURANCE
• Estate planning
• Business succession planning
• Philanthropy
TAXATION OF INSURANCE
2017 changes to:
• tax-exempt life insurance
• taxation of annuity income
CHANGES IN INSURANCE
Ryan Dostie, CPA, CA, [email protected]@WelchLLP
Pierre Bernier, CFP, FMAFinancial Consultant – Scotia Wealth Managementpierre.bernier@scotiawealth.comwww.scotiawealthmanagement.com
Q&A
Tom Bryan, CFP, CLUSenior Advisor – Scotia Wealth Management [email protected]