INTRODUCTION

Estate Planning, Life Insurance & Business Family Governance.

The purpose of this guide is to provide our clients, prospective clients, and the lawyers and accountants who work with them an easy to understand overview of some essential topics that we at Tompkins Insurance Services work with regularly. Namely, life insurance, estate planning, tax matters and family governance matters.

All of these issues are a vital part of responsible financial management. Nevertheless, they remain at times a subject which many clients would rather avoid. Proper planning of one’s estate ensures that what you have worked hard to accomplish can be transferred to the next generation, in the most tax efficient manner. Understanding the best practices in family governance and continuity planning will help a family business sustain itself for generations to come.

This web resource attempts to provide the reader with an understanding of life insurance, which many clients and their legal and accounting advisors find difficult to comprehend.

It specifically addresses the various types of life insurance policies, how they work, how they integrate with estate planning, their unique tax advantages, and a description of the application, underwriting and claim making process of life insurance.

This guide is designed with the focus on allowing the reader to:

Easily navigate between various topics

Instantly access brief definitions on certain terms & phrases used in these subjects

Access links between related topics

Obtain additional pertinent information using links to resourceful websites