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
Hewet60

Failure And How To Avoid It

Ron Hewett - Academy Leadership
Dave sweyer 300 x 300

Is It Time To Adjust The Rental Rate On Your Investment Property?

Dave Sweyer - Sweyer Property Management
Burrus rob headshot 300x300

John B. Taylor Visits UNCW For BB&T Global Capitalism And Ethics Lecture Event

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

In Downtown Wilmington, Dupont Circle Restaurant To Open 2nd Location

Cece Nunn - Dec 3, 2019

At Mayfaire, Brunch About To Be Served

Jessica Maurer - Dec 4, 2019

Real Estate Firm Opens Office At Mayfaire Town Center

Cece Nunn - Dec 4, 2019

Economist Highlights Regional Growth, Opportunities At Annual Wilmington Scorecard

Christina Haley O'Neal - Dec 3, 2019

At ILM, Airlines Report Big Boost In Holiday Passengers

Cece Nunn and Christina Haley O'Neal - Dec 2, 2019

In The Current Issue

Navassa Driven Closer To Major Growth

About 2,100 people live in Navassa, but officials and developers expect that number to grow by the thousands in the next 20 years....


Take It Away, Thanksgiving Day

Not everyone looks forward to spending half the holiday in the kitchen on Thanksgiving Day. Fortunately, there are plenty of local options....


Info Junkie: Adam Hooks

Adam Hooks, CEO of EMS LINQ, shares his top info and tech picks....

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 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`