Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
Mar 1, 2018

ONST: The Perfect Partner (Client Case Study)

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

Sam and Katie Smith (not their actual names) have been clients of ours for several years. 
 
They have various types of accounts that we manage, but I’d like to tell you about one - their insurance trust. It contained a variable life policy on Sam’s life worth $940,000. The annual premium on this policy was more than $34,000, and the trust was the beneficiary of the policy, with their daughter originally being named as trustee. 
 
As part of our routine estate planning process with the Smiths (as we do with all our clients), we discussed the trust and this policy. Since it had been purchased some years earlier, we felt that the policy should be reviewed, as it could potentially be replaced. 
 
We contacted an independent insurance advisor to review the policy. He did so and advised that, since the policy had been purchased when rates were much higher, he felt that he could exchange the policy for a much more suitable one. He shopped around, and we found a new, second to die policy on both spouses’ life worth $1.2 million, and the premium was reduced to $14,000!
 
Obviously, this was a win-win situation all the way around. The clients were ecstatic and so were we!
 
They decided that it would be in their best interests to change the trustee to Old North State Trust (ONST), as their daughter was just too busy to be able to keep track of the policy and manage the funds upon their passing. They were extremely grateful for our help and appreciative of the fact that we were able to bring in an outside partner to provide the expertise that we did not have in-house. 
 
At ONST, we don’t always expect to have all the answers, but we do answer all the expectations of the clients. We are also able to collaborate with other advisors to meet the needs of our clients, no matter what the needs may be - whether it is a service we offer in house or not. Our goal is to be flexible and a full-service provider to our clients and to assist them in every way. 
 
We are so much more than just a financial service company, as you’ll see by this article and from future examples. You can also call one of our advisors who would be more than happy to discuss any issues with you.

Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends.  The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics.  Readers should be aware that the facts may vary depending upon individual circumstances.  The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely. 

Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.  
 
 

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
Alyce 4 april242017

Investors with A Cause Can Put their Money Where their Hearts Are

Alyce Phillips - Old North State Trust LLC
Chheadshot

Overcoming the Opioid Overdose Crisis

Mike stonestreet 300x300

Lessons from Hurricane Florence

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Luxury Home Sales Reach Record Height In May

Cece Nunn - Jun 17, 2019

In The Current Issue

Novant Health Orthopedics & Spine Opens In Supply

Novant Health has opened an orthopedics and spine office in Supply, providing degenerative spine condition services, orthopedic spine surger...


Building Efforts To Attract Workers

With demand running high for construction industry workers, officials with area training programs and companies are looking for ways to attr...


Firms Navigate Latest Tax Law Changes

During tax season this year, media reports indicated that the many changes in the Tax Cuts and Jobs Act of 2018 were producing confusion amo...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018