SG Wealth Wisdom August 2024

Hello!

As we step into a new month, I wanted to take a moment to reflect on August, which was indeed a good month filled with reflections and gratitude. It was a time for looking back on achievements, learning from experiences, and appreciating the journey that has brought us here.

One of the significant reflections from this month is my time as the Country Chair for MDRT. After serving for two consecutive years, I am stepping down from the role of Country Chair for MDRT as no person can hold this position for more than two years. This journey has been truly memorable and transformative. Leading and serving such a dedicated and passionate group of advisors has been an honor. The experiences, the people I’ve met, and the lessons I’ve learned are things I will cherish forever.

With this transition, my focus now shifts entirely to my clients, my business, and my health. The last two years have been about leading and growing, and now it’s time to channel that energy into providing even more value to my clients and ensuring that my business continues to thrive. Moreover, I am committed to prioritizing my health, recognizing that a healthy mind and body are the foundation of personal and professional success.

Warm regards,

Can My Business Pay for My Life Insurance?

Your business can purchase life insurance for you, usually at a rate that is much lower than purchasing individual life insurance, and there are many benefits for your business.

There are some areas where having your business pay for life insurance does not work out in the way that you think, so understanding what goes on is important for making an informed decision.

In this episode, we dive deep into the crucial misconceptions that often prevent business owners from receiving the full scope of advice they need to thrive. We explore the stages a business undergoes—from its inception as a startup to the inevitable transition or wind-up—providing a clear roadmap for every entrepreneur. Our discussion also sheds light on the core fundamentals of the tax act, uncovering the key principles that can significantly impact your business planning.

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In this episode, we discuss why buy-sell agreements are crucial for business partners and the benefits of funding them with life insurance.

Anna shares strategies for protecting businesses from the loss of key employees who aren’t shareholders and how to address different needs within a business owner's family. We also cover common mistakes business owners make and offer advice for both new entrepreneurs and those planning for business succession. Don’t miss this valuable conversation on securing your business’s future!

WATCH FULL PODCAST EPISODE