As I write this article we are nearing the end of the typical “Tax Season” for 2025, where most filers will need to have their taxes completed by April 15. As many advisors discussions with their clients may have been put on hold lately to allow their clients time to focus on meeting this deadline, the reality is the discussion regarding taxes is a year-round topic in our industry. While we are not (and generally cannot hold ourselves out to be) tax advisors, it is generally important for us to have a fairly decent understanding of many areas of taxation in relation to the products we recommend.
Annuities help provide tax-deferred growth and can spread out the tax due on income payments when taken. Life Insurance policies also provide tax-deferred growth and can offer tax-free income. Long-Term Care Insurance policy premiums can be partially or fully tax-deductible depending on the client situation and provide tax-free benefits when needed. These are just the basics when it comes to tax issues relating to these products; but what about transfers, exchanges, personal vs. business ownership, deductions on contributions, income taxes, estate taxes, death, divorce, etc.? The consultants at Wholehan Marketing are well versed not just in the products we recommend, but in the application and setting in which they are being recommended, including the tax issues/ramifications. Contact our experts with your next case and let us help structure the case with you beyond just the product recommendation.