New Kit from Pacific Life Helps Insurance Professionals Work with
Farming & Ranching Families
Newport Beach, Calif. (December 22, 2008) –With 99% of the nation’s farms family owned1, farms and ranches are more than businesses – they are family traditions and are essential to the future of our food supply. To continue the tradition of family-owned farms and ranches, these landowners need specialized advice to create their estate plans and an understanding of the important part life insurance can play in their plans.
To help insurance professionals with this market, Pacific Life now offers a sales kit to explain how life insurance can address estate planning issues when the legacy is land. According to Alyce Peterson, vice president of marketing services for the Life Insurance Division of Pacific Life, an estate plan using life insurance can help landowners:
- Pass the ranch or farm to the next generation
- Treat heirs equitably
- Provide cash for income, gift and estate taxes2
- Leave money or property to a charity and still provide a cash inheritance for heirs
“Too many farm and ranch families overlook the development of a business transition plan until it is too late,” Peterson explained. “Unfortunately, some family farmers and ranchers are reluctant to face this need. This is where an insurance professional and our new sales kit can help.”
The “When the Legacy Is Land: What Successful Farmers and Ranchers Know” kit features case studies and clients profiles, a comprehensive pocket guide plus valuable marketing tips. Insurance professionals can get a kit by contacting their Pacific Life representative or by calling 866-722-9555.
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. With more than half of the 100 largest U.S. companies as its clients,3 Pacific Life is also a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional company information, including current financial strength ratings, visit the About Pacific Life section of this Web site.
1 “$26 Trillion at Stake: Passing On Assets Requires Good Planning,” AG Alert, California Farm Bureau,
June 7, 2006
2 The federal estate tax exemption amount is $2,000,000 in 2008 and increases to $3,500,000 in 2009. The highest federal estate tax rate is 45% in 2008-2009. The federal estate tax will be repealed on 1/1/10 until 12/31/10. Beginning 2011, the federal estate tax will be reinstated with a federal estate tax exemption amount of $1,000,000 and a maximum estate tax rate of 55%. Congress continues to discuss and consider legislation that, if passed, would permanently repeal or otherwise lessen the impact of the federal estate tax.
3 Client count data compiled by Pacific Life using the FORTUNE 500® list as of April 2008.
Pacific Life refers to Pacific Life Insurance Company, and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York, and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues. Product and rider guarantees are backed by the financial strength and claims paying ability of the issuing company and do not protect the value of the variable investment options. Variable insurance products are distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company, and are available through licensed third party broker-dealers.
This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.