When most people think about insurance, they typically think about the survivor benefits of life insurance. While this is an important benefit, with careful planning and a team of knowledgeable risk management solution experts, insurance can do so much more. It can be used as a tool to accomplish strategic goals, such as minimizing taxes so that you can pass on more to the next generation, maximizing your retirement income so that you can travel throughout your golden years, or supporting business retention so that your company continues to attract and keep top talent.
At First Western Trust, our in-house insurance planning experts have disciplines in risk management services, estate tax law, trusts, and tax planning, which allows us to create a holistic plan that supports your vision for your life.
We incorporate insurance and risk management solutions into your overall wealth plan. In doing so, we help your family reach your goals for each dimension of your wealth through:
- Charitable giving tax strategies to leave a lasting impact on your favorite charity
- Intergenerational and dynasty trusts to better support family members
- Deferred-compensation plans to generate retirement savings
- Irrevocable life insurance trusts to minimize estate taxes
- Long-term care insurance to reduce the financial impact of illness
For businesses, we use insurance management and risk management services to support:
- Executive recruitment and retention to attract the best talent
- Business continuation and succession planning to help your business move forward
- Key person insurance to protect your business from executive loss
Our Risk Management Process
We understand that insurance has many different uses and the intricacies of each policy require a team of experts to design creative risk management solutions that meet our clients' needs. To help our clients make appropriate decisions, we follow a thorough process.
- We perform a needs assessment to determine areas where you may have gaps. This is both a quantitative and qualitative assessment.
- We create a conceptual design of the policy, which addresses the issues of ownership, beneficiary designations, as well as how premiums will be paid.
- We conduct a product survey to determine which risk management solutions best meet your needs.
- We start the underwriting process and submit our findings to various companies to garner multiple offers.
- We provide ongoing policy support. This may be coordinated with your other advisors, including our trust department and your tax advisors.
Hear from Don Silversmith
Once an insurance policy has been put in place, it’s easy to place it in your lockbox and forget about it. However, policies can grow outdated as circumstances change, interest rates fluctuate, and new priorities arise for you or your business. That’s why you need a team of insurance management experts who monitor the changing industry. Our team is committed to delivering regular reviews to ensure that our risk management services continue to help you achieve your overarching goals.
Are your insurance policies helping you accomplish strategic goals, such as minimizing your taxes, maximizing your retirement income, or supporting your business retention? Connect with one of our insurance management experts by submitting the form below or call our main line at 303.531.8100.
Investment and insurance products and services are not a deposit, are not FDIC- insured, are not insured by any federal government agency, are not guaranteed by the bank and may go down in value.
First Western Trust Bank cannot provide tax advice. Please consult your tax advisor for guidance on how the information contained within may apply to your specific situation.
Securities offered through Lion Street Financial, LLC, Member FINRA & SIPC. LSF is not affiliated with First Western Trust. Not FDIC Insured - May Lose value - Not a deposit of the bank. No Bank or Federal Government Agency Guarantees. Check the background of this firm on FINRA's BrokerCheck.