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REALIZE THE OPPORTUNITY |
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Gene Weiss
Financial and Estate Planner
New York, NY
Gene Weiss explains why Life Settlements provide a more profitable and beneficial solution for a client whose estate planning needs have changed.
[The Need]
"At age 74, my client had turned his estate planning focus toward the transfer of assets to family members. Due to the size and complexity of his estate – (which is valued at more than $15 million and includes ownership of a successful business), I outlined a 10-year timetable to complete the gifting and transfer of business ownership to his children. As part of this plan, I advised him to replace his current $1,350,000 universal life policy with a term policy that would correlate with the projected timetable for the transfer of assets and would require much lower premium payments."
[The Solution]
"The original policy had no cash value. My client kept the policy in force while we began underwriting the new policy. During that time, I was also working with allsettledin order to sell my client’s existing policy. I presented this option to my client as an alternative to simply allowing his original policy to lapse. While my client was previously unaware of this type of transaction, he knew a good opportunity when he heard it, and he was right. allsettled ultimately purchased the policy for $339,000, an amount that would cover almost five years of the new policy’s premiums."
[The Benefit]
"My client was very pleased with the outcome-THRILLED in fact! The full amount of the settlement was wired into his account."
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WORKING TOGETHER
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Hy Wilstein
CEO, Wilstein Agency, Great Neck,
New York
I have been in the insurance industry for the last 42 years and a member of the Million Dollar Round Table for many years. I am proud to have shared with Michael Krasnerman a common interest and commitment to professionalism in the Life Settlement business. Michael and his staff at allsettled Group, Inc., has assisted me for the last few years to sell many existing policies and delivered tremendous values to many of our clients. We have worked together through many successful transactions.
Michael, who has been an agent for Northwestern Mutual, a district sales manager for Guardian Life and Vice President of Marketing for Consolidated National Group, combines the knowledge of a life insurance professional with the talent and brilliance as a deal maker and a problem solver in the Life Settlement industry. He is the best by far in this new evolving market
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