Whether you're a business owner designing a succession strategy, an executive looking to enhance your non-qualified fringe benefits or an individual with estate planning needs, experienced, professional guidance is imperative to your success. That's where Gilroy Kernan & Gilroy can help you attain your financial objectives — through a combination of experience, stability, and listening to and understanding what's important to you.

Annuities
An annuity is a retirement planning tool that can provide protection against the possibility that you will outlive your assets. It can provide a guaranteed, stable income stream, which is determined in part by the amount deposited, the age of the annuitant and the interest rate. The three types of annuities are:

Fixed annuity — In a fixed annuity the issuing life insurance company guarantees a certain interest rate for a specified period of time, typically 1-10 years. The investment risk rests on the insurance company and any annuity payments are relatively predictable. Such annuities are useful for conservative, risk-averse individuals.

Variable annuity — A buyer of a variable annuity has the option of placing the funds in the policy in a variety of investment options. The investment risk rests largely on the policy owner. Annuity payments are linked to the value of the underlying investments, which can fluctuate.

Deferred annuity — This is a special type of policy issued by an insurance company. In a typical situation the policy owner contributes funds to the annuity. The money put into the policy is then allowed to grow for a period of time. At a future date, the policy may be annuitized and the accumulated funds paid out — generally through periodic payments made over either a specified period of time, the life of an individual or the joint lives of a couple. Interest grows on a tax-deferred basis.

Disability Income Insurance
Many individuals overlook the need to protect their most valuable asset – the ability to earn an income. While many employees have group disability coverage at work, these benefits are taxable and typically replace only 60 percent of earnings. Supplemental private disability income insurance is the answer.

Studies of insurance claims indicate that the odds of becoming disabled for 90 days or longer are much greater than dying during one’s working years:

• At age 27 = 2.7 times greater
• At age 42 = 3.5 times greater
• At age 52 = 2.2 times greater

Investments
Gilroy Kernan & Gilroy offers a broad selection of non-proprietary products and services from which to choose, including stocks, bonds, mutual funds, brokerage accounts, limited partnerships, unit investment trusts and a variety of qualified retirement products and plans.

GK&G is a registered representative of Cadaret, Grant & Co., Inc., an independent broker/dealer serving nearly 1,000 financial advisors across the United States. This relationship enables us to build investment portfolios based on our clients’ objectives rather on than those of any one company.

Life Insurance
Life insurance can be creatively used to solve many perplexing financial problems. Its tax-favored status, combined with the tremendous leverage it offers, can be used to pay off debts; replace income of a wage earner; create an estate; pay estate settlement costs, including death taxes; equalize inheritances; and fund a business transfer. Several types of life insurance policies are available:

Permanent Insurance
Permanent life insurance provides lifetime protection and lets you build cash value over time. Types of permanent insurance include:

Whole Life — This insurance covers you for as long as you live if your premiums are paid.

Universal Life — This is a flexible policy that lets you vary your premium payments and adjust the face amount of the coverage.

Variable Life — With this type of insurance, death benefits and cash values depend on the investment performance of one or more separate accounts, which may be invested in mutual funds or other investments allowed under the policy.

Variable Universal Life — This policy combines elements of variable and universal life insurance, giving you a choice of where to invest premium dollars. You also assume all of the investment risks associated with your choice.

Second-to-Die — This type of policy, normally used in business and estate planning situations, insures two people, but pays a claim at the second death.

Term Insurance
"Term" or "temporary" life insurance provides protection only for a specified period of time. Policy periods can range from 1 to 30 years, or until you reach age 65 or 70. This life insurance does not build cash value. Types of temporary insurance include:

Level Term — With this type of term policy the face value and premium remain the same from the effective date until the expiration date.

Decreasing Term — This form of insurance provides a death benefit which declines throughout the term of the contract, reaching zero at the end of the term.

Increasing Premium Term — This type of insurance can be appropriate when you need substantial coverage for a specific period, usually less than five years. This policy is renewable each year and premiums increase each year you renew.

Long-Term Care
Long-term care (LTC) describes a variety of services in the areas of health, personal care and social needs of persons who are chronically disabled, ill or infirm. Depending on the needs of the individual, long-term care may include services such as nursing home care, assisted living, home health care or adult day care.

The need for long-term care is generally defined by an individual’s inability to perform the normal activities of daily living (ADL) such as bathing, dressing, eating, toileting, continence and moving around. Conditions such as AIDS, spinal cord or head injuries, stoke, mental illness, Alzheimer's disease or other forms of dementia, or physical weakness and frailty due to advancing age can result in the need for long-term care.

Decisions need to be made regarding the type of policy, amount and length of coverage and which of the numerous riders and options are best suited for your needs.

Finanacial Planning for Businesses

Gilroy Kernan & Gilroy's professionals work closely with business owners and managers to review products and strategies to ensure stability and long-term growth of the operation. Among the services GK&G provides are:

• Business Succession Strategies
• Key Person Planning
• Executive Compensation & Benefits Planning
• Qualified Retirement Plans
• Non-Qualified Fringe Benefits

Financial Planning for Individuals / Families

Maximizing your assets as you plan for your children's education, your retirement and your family's needs after your death are critical. Gilroy Kernan & Gilroy can help you maximize your "fiscal fitness" through a variety of services:

Financial Strategies

• Retirement Planning
• Traditional/Roth IRAs
• Education Funding
• Asset Allocation
• Insurance Analysis
• Net Worth Analysis

Estate Planning

• Estate Tax Planning
• Charitable Giving Strategies
• FLP/LLC Strategies
• Generation Skipping Techniques
• Estate Freeze Techniques
• Asset Analysis
• Family Parity Strategies

Financial Planning for Non-Profit Organizations

Non-profit organizations have unique needs when it comes to financial growth and stability. Gilroy Kernan & Gilroy offers a variety of methods to help address those needs:

• Key Person Planning
• Executive Compensation & Benefits Planning
• 457 Plan Design
• 403 (B) Plans
• Charitable Giving Strategies for Donors

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