The use of limited liability companies (LLCs) and trusts is on the rise, with nearly a 35 percent increase since 1983, according to the IRS, with much of that growth from high net worth individuals.
Trusts can help clients minimize taxes, avoid probate and ease the transfer of other assets. By incorporating personal assets and liabilities under an LLC, high net worth families can separate themselves from their assets, serving as a shelter for debt, taxes and philanthropic endeavors.
But although the purpose of LLCs and trusts is to limit liability, but the legal entity itself needs protection. It is up to a flexible and experienced agent to make sure that their wealthy clients are receiving adequate coverage. Fireman's Fund Insurance Co. compiled the following tips to help agents assist high net worth clients with their insurance needs.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
