Life insurance, long term care, disability, retirement, and financial discussions are extremely complex, and each family is different, therefore this kind of planning should not be transactional. I aim to build a lifelong relationship with each client, tailoring the strategy as their needs change. This allows me the opportunity to really get to know family members at a much deeper level, so I am truly invested in their best interests.
WHAT DO YOU LIKE MOST ABOUT THE WORK YOU DO AT NEW YORK LIFE INSURANCE?
It is rewarding for me to know that my clients can sleep at night, knowing that their families are protected and financially secure in the event that the unexpected happens.
Life insurance, long term care, disability, retirement, and financial discussions are extremely complex, and each family is different, therefore this kind of planning should not be transactional. I aim to build a lifelong relationship with each client, tailoring the strategy as their needs change. This allows me the opportunity to really get to know family members at a much deeper level, so I am truly invested in their best interests.
SEPTEMBER IS LIFE INSURANCE AWARENESS MONTH, WHAT ARE 3 LIFE INSURANCE FACTS YOU THINK PEOPLE SHOULD KNOW?
- Every year, millions of Americans make donations of cash and property to charities of their choice. There is a much more cost effective and convenient way to donate, by using a life insurance policy. Not only is using life insurance for charitable giving simple to set up, but it is also a great way to reduce the donor’s taxable estate. There are various methods for using life insurance donations, and each has its unique advantages.
- For business owners, it is important to have a buy/sell agreement in place. A buy/sell agreement, is a contract, drawn up by an attorney and funded by a life insurance policy, that can minimize the confusion that is caused by the sudden departure, disability or death of a business owner, partner, or key person. Again, there are different ways to set this up, but a cross purchase plan or entity purchase plan are the most common. Essentially, this promotes equitable and orderly transfer of wealth, ownership and management and it assures continuity for customers, creditors, and employees. The company owns and pays for the policy so there is no out of pocket expense for the individual.
- Another creative way to use life insurance is to fund a trust. Unlike wills, trusts cannot be contested, so they are an attractive option when you want to leave specific assets to a beneficiary or beneficiaries. Once a trust is set up, it owns and pays for the life insurance policy and when you pass away the proceeds become the trust’s property, to be distributed as directed by the trust. However, trusts are not immune to tax consequences, which is where life insurance comes in. The death benefit from a life insurance policy passes on to the trust tax free.
WHAT ADVICE DO YOU HAVE FOR YOUNG ADULTS CURIOUS ABOUT HOW LIFE INSURANCE BENEFITS THEM?
Get in early! Life insurance gets more expensive as we age and if you get in at an early age it is extremely affordable. Typically, younger people have fewer health issues than older people, therefore their premiums are much lower. Also, keep in mind that not everyone qualifies for life insurance and sometimes a life event can happen that will render you uninsurable. I would simply recommend that they talk to an agent and get educated. I only wish I had known about cash value life insurance when I was in my 20’s. We have some creative ways for young adults to secure the protection of a guaranteed death benefit and combine it with the ability to invest in the market. I love showing young people illustrations on how these policies work.
WHY DID YOU JOIN THE CATHOLIC FOUNDATION’S PLANNED GIVING ADVISORY COUNCIL (PGAC)?
Philanthropy has always been a large part of my family’s life. My wife grew up in the Diocese of Orlando and has always been involved in giving, but never as a member of the PGAC. While I am not from here, I was welcomed with open arms into the St. Margaret Mary community when our children started kindergarten. When I was approached by a close friend and council member, Darrell DeVaney about joining, it seemed like a perfect match. There are a plethora of ways to help and a vast community of people that would like to donate, and the PGAC helps bring it all together. It has really opened my eyes to all the good that our Diocese does in the area.
WHICH OF THE CATHOLIC FOUNDATION’S ORGANIZATIONAL VALUES CONNECT BEST WITH YOU?
I think that the socially responsible approach of the PGAC is a primary value that I connect with. We should all strive to positively affect society and our community as a whole. I think it’s our civic duty as Catholics and Americans to participate in our local community, making this a better world for all of us to live in.
HOW DO YOU HOPE YOUR CHARITABLE GIVING IMPACTS LIVES IN OUR COMMUNITY?
It is my hope that my impact would be on the lives of the younger, less fortunate members of our community. Tuition assistance programs are vital to help with families that are wanting to provide a Catholic education to their children but are unable due to the cost. I also think that bridging the gap between different socioeconomic demographics can erase the lines that society has created and bring us together. Education is the key to a happy, healthy and prosperous life!
WHAT’S A FUN FACT MOST PEOPLE DON’T KNOW ABOUT YOU?
I speak German. Well, I used to speak German fluently…I’d say now I am “proficient”. I was raised in Muhlhausen, Germany (outside of Heidelberg) as both of my parents were working for the US Government. Muhlhausen is a very small town and at the time there were no other American children living there. To fit in, I had to learn to do two very important things pretty quickly, learn German and play soccer!