This website or its third-party tools use cookies, which are necessary to its functioning and are required to achieve the purposes illustrated in our online privacy policy.
Sources:
1 Deloitte, “The holy grail of effective leadership succession planning”
2 PwC, “The ‘missing middle’: Bridging the strategy gap in family firms”
3 Conway Center for Family Business America’s Economic Engine
4 KWC, "Why Business Owners Don’t Plan for Succession"
5 Talexes, "2017 Succession Planning Statistics"
6 Investopedia, "Do Small Business Owners Need Financial Advisors?"
7 Northwestern Mutual, "Americans with Financial Advisors Are Significantly More Comfortable Balancing Present and Future Financial Goals"
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Pacific Life, its affiliates, their distributors and respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product/material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
Pacific Life, its affiliates, their distributors and respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.
For federal income tax purposes, life insurance death benefits generally pay income tax-free to beneficiaries pursuant to IRC Sec. 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Sec. 101(a)(2)(i.e. the transfer-for-value rule); arrangements that lack an insurable interest based on state law; and an employer-owned policy unless the policy qualifies for an exception under IRC Sec. 101(j).
In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer.
Pacific Life is located in Newport Beach, CA.
PL56