The agents I have spoken to since the election seems to be divided into two distinct groups that think of marketing in 2025. A group admits that the Republicans run the table but will not accept it as a thanks to the exemption of taxes of Wealth will not go down after this year. They tell me that they are looking forward to 2025 as a year when prospects will make a lot of wealth planning and buy a lot of life insurance pending sunset. The other group is not buying that view. Without taking a difficult and quick position in sunset, they are trying to understand how to expand their approach to prospects to make it less dependent on property taxes.
I don't have much to tell the first group. They have their own story, and they are staying with it. I have some suggestions for the second group as they work to create a more holistic approach to the prospects in this unsafe assets environment. So let's assume that you are an agent who works mainly in the success market of business. For the sake of a close scenario, we will assume that you will meet a successful family business owner who has already gone to the “Keep's Sales” decision and plans to keep business in the family.
If we had a conversation on how you would approach this perspective, here's what I would ask for and what I would hear.
Three points to address
In a year when the usual track of the asset tax liquidity sales will not resonate with prospects, where you start in your attempt to make them identify and open for any concerns they may have about success? In my experience, these prospects often have an almost linear concern that they are anxious to discuss. And, with ease, wealth taxes are never on top of that list. They want to talk about much closer and personal concerns. With this in mind and with the fact -directed changes in the topic, your access conversation must investigate at least at the following points:
- “To what extent does your surviving spouse be financially secure from business?” In my experience, this is a high concern among many business owners, who often have to intervene themselves in conversation with councilors, focused on laser in the planning of property transfer.
- “What are your thoughts and your spouse on equating inheritance between children involved in business and those who are not involved, allowing non-business children to own part of the company, etc.” These topics are often years of doing and even more years in solving them, if they are chosen at all.
- “Planning now for any tax tax that may be because you and your spouse have passed away can be premature, so much it will depend on what happens with tax law after 2025, extension of other planning that You will do and so on. With this “holder of the location of property tax liquidity”, which you can definitely express differently, will show that you are objective, a good listener and a business student.
An ordinary thread
There is an ordinary thread that goes through these topics. Is life insurance. So, I will ask you to show me how you illuminate the roles that life insurance can play in the service of each topic needs and objectives. I will ask you how you show the prospect that life insurance can do for them what they may not be willing to do themselves with a much more complicated planning and reorganization of their jobs. If you can't do this, neither the perspective nor will you serve you well. The perspective will not be well served because you will excel or completely lose a conversation about things that are not only problematic for them, but can also be integral solutions to other issues. And you will lose the opportunity to show perspective and, most importantly, councilors on how a well -structured, well -packaged policy can masterfully and efficiently address more than one need.
Do not cooperate alone. Lead.
There is another important reason for you to be able to perform this conversation. If you are part of a “planning team”, you are unlikely to sit at the top of the table and lead the discussion. In fact, it is much more likely that you and the illumination of the role of providing life in the plan will be moved to the end of the discussion tail when others have implemented their planning techniques and now is time for life insurance to be taken with any remnants of liquidity issues. This scenario deprives the client from an intelligent discussion if they prefer to address certain issues with complex planning or any relatively less complicated life insurance. It also is a scenario calling on you to go beyond collaboration with other advisers to take the lead. This is because, especially in an unsafe property tax environment, the experienced life insurance agent may be the most ready, ready and capable counselor to perform a dialogue with the perspective and, critically, provide the moment ahead often necessary to bring the issue to the conclusion. Don't worry about politics. Worry about doing right for the perspective.
Other markets
Although I have focused on family business owners for the sake of a close scenario, they are not at all the only type of prospects in advanced markets for which an approach to the property tax could be advised in 2025. If the conversation Our would return to corporate leaders, for example, I will ask you a parallel set of questions about your access conversation. I would ask how you use visualization and optional concepts to enable the executive to “see” two things quite clearly: (1) If their current life insurance program is suitable today for their needs and aspirations ; and (2) how to have a well -funded retired policy can ensure flexibility to make decisions about valuable compensatory plans and programs that they will have no different insurance. Yes, you will set that country holders for discussing property taxes, but in a context that again shows your objectivity and professionalism. See, you may not need assets taxes after all!