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.
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