Q: What does insurance producer mean?
A: A Producer license in the insurance world came about when the industry combined Agents –someone who is contracted by or acts as a representative for the insuring company, (often acting in a captive role for a single company) and Brokers –someone who works independently between multiple carriers and acts as a representative of the client. Those used to be two different licenses and had slightly differing sets of rules.
Q: What is an Enrolled Agent?
A: In tax/accounting terms, an E.A. is someone licensed to practice tax representation before the IRS. Different from an IRS agent, an E.A. prepares and files taxes for a client and is licensed to represent the client in audits and official tax matters.
Q: What is the difference between someone calling themselves an accountant and a CPA?
A: Tough the laws vary from state to state, anyone doing accounting services from bookkeeping to taxes can call themselves an accountant. A CPA (Certified Public Accountant) is an official license that allows someone to not only do tax work and other financial audits and reports, but also sign off on those financial audits and reports that need a higher level of compliance and scrutiny.
Q: Why would I come to you for my tax and accounting needs if you are not a CPA?
A: An E.A. is a licensed tax professional who can serve in an official capacity for all tax matters. Bookkeepers, basic business accounting needs and internal audits do not require a licensed CPA to sign off on the reports. The only time a CPA’s signature is required is on an official (i.e. government) financial audit. While Tami is certainly experienced in the work and has prepared many audits for other CPA’s to sign, this was a small enough portion of her former business that the time involved and the additional requirements for the license (which have changed and become more cumbersome over her years in the field) made it unnecessary for our business model. However if you do ever need an official CPA for your needs, we do have several valued contacts in that arena we would be happy to recommend.
Q: How long have you been in business?
A: While Legacy as a company was founded in February of 2019, Tami has over 25 years’ experience working in CPA firms under two former owners. Mark has been an independent producer for 10 years, closely working with a partner and mentor of nearly 30 years’ experience and had a company called Integrity Financial Concepts. Mark is currently teamed up with a field organization based out of Bellevue, WA that has over 50 years’ experience through two generations.
Q: Why life insurance? I already have life insurance. Isn’t that good enough?
A: As your life changes, so to do your needs. How did you come to get the insurance you have now? Is anything different in your life now than when you settled on the policy you currently have. How did you arrive at what you have in the first place? Not all life insurance policies are the same nor are all carriers. Many people only see life insurance for one thing, and while “death insurance” is certainly a big factor in legacy planning, many products now contain benefits you can use while you are still living. Also, as the industry evolves, many policies have become antiquated or may not contain useful benefits that a current replacement will. With the same evolution of products and options come the evolution of carriers. Some navigate changing markets better than others. Setting up a no-obligation review will allow you to see if what you think you have matches with reality, or if changes are necessary. There are also certain tax and regulatory advantages unique to life insurance that can make it a very powerful tool in your overall financial portfolio that is not only self-completing if you should prematurely pass, it also isn’t subject to income or contribution limits that traditional retirement funding vehicles may be subject to.
Q: I have insurance through my employer, so why would I need more?
A: What happens to your policy if you leave or change jobs? Would having something you own and you control no matter what you do or where you do it be more beneficial in the long run? Group policies, though they sound great are rarely adequate for the needs of the individuals in that group. Also, because the benefits quickly go away when you leave that group, the chances of it being available when you need it most are actually somewhat less than you think, and replacing those benefits gets more difficult and more expensive as you age and/or face health challenges. It may not be worth waiting and risking losing everything.