Protecting Your Families Future
About Us
Benning Financial Services provides a high level of knowledge and experience delivered with a down-to-earth attitude and fun office atmosphere. Our entire staff makes it a point to simplify and use their knowledge and experience to help you know exactly what your retirement can look like.
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SETTLEMENT
FINANCE
MORTGAGE
ANNUITIES
TRANSFER
RIA firms like Pacific Financial function in the role of a fiduciary. This means the firms’s primary legal duty is to act solely in the best interests of our clients. This duty also requires full and fair disclousure of all facts considered material to the client’s investment decisions, especially those related to fees. For example, if two investment products offer a similar risk and return profile- but one costs less than the other- the RIA practitioner (fiduciary) is legally obligated to recommend the lower cost option. By contrast, there is no legal requirement for non-fiduciary advisors to do likewise.
In fact, many (if not most) investment practitioners working for banks and brokerage firms (broker-dealers) are actually salespeople, defined by regulators as registered representatives. Unlike a fiduciary, registered representatives operate according to what is known as the suitability standard. Under suitability rules, the primary legal duty is the registered representative’s employer, not necessarily to the client. This is a less stringent legal standard than the one imposed on a fiduciary like Pacific Financial.
The concept is rather straightforward and easy to conceptualize. However, it is a very complex series of transactions that should be handled only by a qualified professional who possesses the resources to properly structure the transaction. There are many components that make up a life settlement such as institutional buyers, lending institutions, attorneys, and insurance carriers. Every component plays a crucial role in the establishment and execution of this financial transaction.
The benefits of this procedure enables the policy owner who no longer sees a need to continue the policy to sell it for cash proceeds.
Premium financing is a strategy that allows you to purchase the life insurance needed to accomplish your financial goals with bank financing. Simply put, you borrow the money to pay the premiums on the life insurance policies and pay back the loan from the death benefit.
In most cases, an irrevocable trust is established, or may be a business entity. The client is often required to personally guarantee the loan. Eventually, the trust, or business, will receive the policy’s death benefit minus any loan principal, fees, and accrued interest outstanding at the time of the insured’s death.
In today’s uncertain environment, we offer safer alternatives to help our clients reach their financial goals. For private lenders seeking to earn higher fixed annual yields with the assurance that their funds are secured by commercial real estate, Pacific Financial has the solution.
The interest earned can be substantially higher because it ties the interest (return) to an external market index. This product was developed as an alternative to traditional savings vehicles because of it’s ability to provide greater returns. In addition, it’s useful for those who are adverse to risk in the stock market. A fixed indexed annuity is not an investment. A fixed indexed annuity is a contractually guaranteed transfer-of-risk strategy, and a non-correlated asset.
Please note: A Fixed Annuity should not be confused with a Variable Annuity. Variable Annuities are securities, sold by prospectus, and you can lose your money because you carry the risk of its performance. A Fixed Indexed Annuity is not a security, and therefore, your principal and earnings are guaranteed to never lose value.
In other words, you have no risk with a Fixed Indexed Annuity, and you have risk with a Variable Annuity.
Some key points to consider when planning a tax-efficient wealth transfer include being proactive, involve family members in the process, find an experienced and trusted advisor, explore the various options and develop a charitable giving plan.
With sufficient time and planning, you, your family and your advisors can design a wealth transfer plan that is both tax-efficient and fair to all. Proper planning for wealth transfer is an area of specialization for Red River Advisors and we welcome the opportunity to help you craft a plan that you and your family can be proud of.
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