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Your Bank > Education and Advice > CNB University

Thinking About Wealth Transfer?

Maggie Meyer Many of us out there are creatures of habit. Consider the following:

When it comes to your daily routine, do you get up at the same time every morning, work-out at noon, and get back into bed before 10:00 pm? When it comes to your banking, and when your Certificate of Deposit matures, do you consistently request that it be renewed and "rolled" into another rate and term? If you answered "yes" to this last question, ask yourself "What is my true intention for that CD money?" How is the CD titled? If the CD is "In Trust For" someone, then chances are your intention is for that "someone" to have that money once you pass away.

You may be able to leave money for a child, grandchild, friend, or charity more efficiently by using a technique known as "Wealth Transfer." By using life insurance, versus the traditional bank CD, the money will not only pass to your designated beneficiary immediately, but this death benefit is typically higher in value than the principal amount in your bank CD. How much higher? This depends on your sex, age, and health. Life insurance also avoids probate (the legal settlement of your estate) and is an income tax free payment to your beneficiary. To summarize, a "Wealth Transfer" may possibly get MORE, TAX FREE money to your loved ones QUICKER after you die.

So if you are a creature of habit, make a resolution for 2009 to sit with your Personal Banker for a complimentary CD review. We will check your rates, titling, and see if a Wealth Transfer makes sense for you and your family!

Margaret Meyer is AVP and Personal Banking Manager. She can be reached at 585-394-4260 x41034 and via e-mail at mmeyer@cnbank.com. 

CNB Insurance Agency is a wholly owned subsidiary of The Canandaigua National Bank and Trust Company. Products offered through CNB Insurance Agency are not deposits or obligations of, or guaranteed, or endorsed by, The Canandaigua National Bank and Trust Company. These products are not federally insured by the Federal Deposit Insurance Corporation or the Federal Reserve Board. Insurance Companies offering products through CNB Insurance Agency are independent of and not affiliated with The Canandaigua National Bank and Trust Company or CNB Insurance Agency.