PRINCIPAL IRA LEGACY PLAN 1 Principal Financial Group® PRINCIPAL IRA LEGACY PLAN ℠ LEVERAGING NON-ESSENTIAL ASSETS INTO A GREATER LEGACY.

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Presentation transcript:

PRINCIPAL IRA LEGACY PLAN 1 Principal Financial Group® PRINCIPAL IRA LEGACY PLAN ℠ LEVERAGING NON-ESSENTIAL ASSETS INTO A GREATER LEGACY

PRINCIPAL IRA LEGACY PLAN 2 Individual Retirement Account (IRA) assets (not including Roth IRAs): Must begin distributions by age 70 1/2 Are subject to 10% penalty for distributions prior to age 59 ½ Generally have no tax-free cost basis Don’t qualify for “step-up in cost basis” at death Are taxable as ordinary income May be included as part of taxable estate at death A Tax Challenge For financial professional use only. Not for distribution to the public. IRAs offer many benefits, and also…

PRINCIPAL IRA LEGACY PLAN 3 IRA owners may pass the assets to heirs by: Taking distributions, paying tax and gifting Taking distributions during lifetime, passing remaining assets to heirs at death Using Principal IRA Legacy Plan The Options For financial professional use only. Not for distribution to the public. How can clients pass on IRA assets?

PRINCIPAL IRA LEGACY PLAN 4 For financial professional use only. Not for distribution to the public. Principal IRA Legacy Plan Client takes IRA distributions after age 59 ½ and pays income taxes Proceeds pay life insurance premium Heirs receive tax- free death benefit

PRINCIPAL IRA LEGACY PLAN 5 For financial professional use only. Not for distribution to the public. Example Assumptions: IRA - $2 million beginning, 5% annual growth rate Client - male and female age 68, both Preferred Non-Tobacco Life insurance - Principal SUL Protector II, $3 million face amount Tax rates – Client: income tax rate – 35%, estate tax rate - 40%; beneficiary income tax rate - 35% 1 Beneficiary elects to receive distribution of IRA assets in lump sum

PRINCIPAL IRA LEGACY PLAN 6 For financial professional use only. Not for distribution to the public. PROSPECT PROFILE Age Financial Fitness Health Need 60+ $1 million or greater estate value Must qualify for life insurance Seek to maximize legacy for heirs

PRINCIPAL IRA LEGACY PLAN 7 Does An IRA Legacy Plan Make Sense? For financial professional use only. Not for distribution to the public. ADVANTAGESCONSIDERATIONS Potential greater after-tax benefits to heirsAt advanced ages, benefits may be less than an IRA alone could provide Taking IRA distributions before required and, paying income tax earlier, may reduce taxes paid later Taxes paid on distributions may be accelerated beyond what would be paid if the client took standard RMDs Client controls amount of legacy to be paid to heirs Funds used for life insurance premium may not be available for income. If owned by a trust outside the estate, policy values generally aren’t available to account owner Properly structured life insurance avoids federal estate taxes, and death benefits are received income tax-free

PRINCIPAL IRA LEGACY PLAN 8 Products That Can Provide A Good Fit Principal Universal Life Protector IV ℠ / Principal Survivorship Universal Life Protector II ℠ - Guaranteed Universal Life Principal Universal Life Provider Edge ℠ - Low-cost current assumption Universal Life Principal Universal Life Flex II ℠ - Value-focused current assumption Universal Life Principal Indexed Universal Life Flex ℠ - Protection- focused indexed universal life For financial professional use only. Not for distribution to the public.

PRINCIPAL IRA LEGACY PLAN 9 Getting Started Identify clients who fit the profile Approach with the Principal IRA Legacy Plan consumer brochure (BB11620) Complete and submit IRA Legacy Plan RFP (DD9207C) Consult as needed with Advanced Solutions specialists Present customized IRA Legacy Plan proposal to client For financial professional use only. Not for distribution to the public.

PRINCIPAL IRA LEGACY PLAN 10 For financial professional use only. Not for distribution to the public. Contact Advanced Solutions

PRINCIPAL IRA LEGACY PLAN 11 Principal National Life Insurance Company and Principal Life Insurance Company, Des Moines, Iowa , Insurance products from the Principal Financial Group® (The Principal®) are issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co., Des Moines, IA NOT FDIC or NCUA insured. May lose value – Not a deposit – No bank or credit union guarantee Not insured by any Federal government agency BB11768 | 10/2015 | t j For financial professional use only. Not for distribution to the public.