Programs & Courses

Insurance Strategies for the Small Business Owner

Succession & Estate Planning

By: Glenn Stephens

Insurance Strategies for the Small Business Owner

PROGRAM: Succession and Estate Planning Specialist

Small business forms the backbone of the Canadian economy, yet only a minority of businesses successfully pass to new owners. Sophisticated strategies are needed to ensure greater success in the transition of business ownership.  This course features a comprehensive textbook by Glenn R. Stephens, LL.B. “Estate Planning with Life Insurance” together with practical case studies to bring home the benefits of new wealth planning discussions with your clients and the multi-advisory team that may be working with you in succession and estate planning.  This is an excellent course for any  tax advisors working in planning for family succession or in terminal return preparation.

WHY THIS COURSE IS TIMELY?

Estate Planning with Life Insurance is an important cornerstone of family wealth planning, but with recent tax changes, a professional update is required for any tax and financial advisor working with high net worth families.  From changes dealing with “10/8” strategies, leveraged insurance annuities, retirement compensation arrangements and proposed new exempt test rules for insurance policies, there are a number of new issues to consider.  Corporate-owned life insurance and family shareholder agreements should also be reviewed in conjunction with succession and business exit planning, enhanced new capital gains exemption planning opportunities and testamentary trust rule changes all round out the many reasons why this course is a must for tax and wealth advisors this year.

CONTENT DESCRIPTION AND KEY CONCEPTS:

This program will consider the vital role that life insurance can play in the successful transition of a business on a business owner’s death from two perspectives: (i) the individual who intends to pass his or her interest in a business to other family members (such as children) and (ii) the business owner whose interest in a business will pass to someone outside the family. Learn unique insurance solutions applicable to each type of business.

CERTIFIED SKILLSETS

The student will learn how to apply income tax information to the matching of insurance products in a variety of client situations and in particular how fact-finding and the proper determination of client objectives can be helpful in analysis, recommendations, implementation and follow-up activities with clients.  This course is particularly relevant to tax and financial advisory firms whose professionals work together to advise clients.

TESTING:  Quizzes, Case Studies and Practice Management Thesis: Exam and Marking Guide: Chapters end with multiple-choice and true-to-life scenarios found online which test the practical application of the key concepts covered in the course. Actual time spent is influenced by factors such as the student's background and individual learning style.

KNOWLEDGE BUREAU TOOLS INCLUDED:

  • Knowledge Bureau Calculators
    • Financial Assessment Calculator
    • Income Tax Estimator
    • Marginal Tax Rate Calculator
    • Tax Efficient Assets Transfer Calculator
    • Trust Tax Estimator
    • Donations Savings Calculator

MARKS ALLOCATION:

Quizzes 65%
Case Studies 10%
Final Exam 25%
Passing Grade 60%
Honours Achievement 90%

 


CE Credits

CE Credits
Knowledge Bureau 30 CPE credits
IPBC 30 CE credits
PBA 30 CPE credits
AIC 4476 - LC - 7.25 hours
ICM 2970 - LC/AS - 30 hours

Table of Contents

Chapter 1:
The Role of the Insurance Professional
Chapter 2:
Taxation Overview
Chapter 3:
Life Insurance and the Need for Estate Liquidity
Chapter 4:
Introduction to Corporate-Owned Life Insurance
Chapter 5:
Family Business Succession
Chapter 6:
Life Insurance in Buy/Sell Agreements
Chapter 7:
Reviewing Wills & Shareholder Agreements
Chapter 8:
Accumulation and Leveraging Strategies
Chapter 9:
Charitable Giving Strategies Using Life Insurance
Chapter 10:
Life Insurance and Trusts
Chapter 11:
Creditor Protection
Chapter 12:
Disability Buyouts and Critical Illness Insurance

What Graduates Say

What were your objectives in taking this course? To understand the role of insurance in corporations. Were they met? Yes, the book "Estate Planning with Life Insurance" explained issues I didn't even consider. Gloria R., AB
This course dealt with the issues facing business owners today. I will no doubt refer to this material again soon and use as a reference guide. William H., AB