Meet Phillip

  • Phillip's family came to America after the Second World War.
  • He owns and operates a transportation business in Cambridge, Massachusetts.
  • Current Assets: $3.7 million.
  • Strategy: Life Insurance Trust.

Meet Phillip

  • Phillip's family came to America after the Second World War.
  • He owns and operates a transportation business in Cambridge, Massachusetts.
  • Current Assets: $3.7 million.
  • Strategy: Life Insurance Trust.

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Phillip uses a Life Insurance Trust to ensure more payout for his family and less on estate taxes. Here is his story.

Phillip is fifty-eight years old. While he was born in Boston, his parents came from Calabria in Southern Italy following the Second World War. He grew up speaking Italian at home and spending Sunday afternoons with family for a pasta dinner. While his parents owned a small store that catered to the Italian community, Phillip would grow up to open a business of his own in a different field.

Phillip’s love of cars may have been what led him to his first job as a driver for a private transportation service. In the beginning, they primarily offered chauffeured rides to and from Logan Airport. Phillip would go on to become a partner in the business, eventually buying outright control of it with the passing of the company’s founder. Under Phillip’s leadership, the transportation fleet now includes party buses for group outings on the town and plainer charter buses for club and community group weekend trips to Cape Cod.

Phillip lives with his second wife, Edith, but he has two adult sons, Tony and Michael, from a previous marriage who have followed him into the business as junior partners. Having taken control of his business following the death of another partner, Phillip knows well how perilous a time succession can be for a small, family-owned business. Additionally, he wants to make sure his wife is provided for if he should die before her.

The Power of Trusts
A guide to trusts for asset protection, estate tax avoidance, and legacy management

One step Phillip had already taken was to take out a significant term life insurance policy on his own life. However, to spend more of the payout on his family rather than estate taxes, he opted to place this policy into the care of a life insurance trust.

In fact, Phillip recently decided to take out another life insurance policy and place it in a separate trust, with his wife as the primary beneficiary.

Running a small business is hard. Running a family business is a lifetime commitment. Your hard work deserves to be protected for the next generation. Life insurance trusts are one tool small business owners can use to protect their assets for the next generation.

We know our community; we know trusts; we can’t wait to get to know you.

At Gosselin Law, we have years of experience working with small business owners in a variety of industries. We understand what it takes to run a business and we have worked with many clients like Phillip. We have changed the name and identifiable details of this character in order to protect our client’s privacy. This story captures the circumstance and type of clients Gosselin Law has helped over the past 25 years. If you see yourself in this story, or are otherwise considering how to put your estate in order and preserve your wealth, call our offices today.

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