"This book speaks to the importance of providing for families and their needs through the effective use of Life Insurance Trusts. Tate's book makes a very complicated subject understandable, and he provides real-life examples of how his management of irrevocable life insurance trusts has made a difference in the lives of families who have benefited from his trusted services. The Groome family has been providing critical life insurance solutions to our family and our business for three generations. Their comprehensive life insurance planning and management has proven to be invaluable to our family.
I am delighted that Tate has been able to document the wealth of experience and extensive learning that his family has accumulated over decades to produce this book, which will no doubt serve as a significant source of education for many."
- Dini Cecil Pickering, Great-Granddaughter of George W. Vanderbilt. Dini is Vice Chairperson of the Board of Directors for The Biltmore Company, which owns and operates Biltmore in Asheville, NC. Biltmore is the private estate of the late George W. Vanderbilt. Dini serves as the Family Office Director and oversees family business initiatives such as family planning meetings and training for future generations. She is also Chairman of Biltmore's Corporate Philanthropy program. Dini is a sought-after speaker on the topic of family business, having presented for numerous conferences and board meetings
"This is a very human book, and the best book on life insurance and ILITs that I have read. It's worth reading several times over. I highly recommend it!"
- Michael D. Weinberg, JD, AEP©, President, The Weinberg Group, Inc.
"I sat down and read your book this morning, and it is excellent! You made a complex subject accessible and enjoyable with all of the wonderful and heartfelt stories. I desperately wish I had read this book 25 years ago, when we were putting together my mother's irrevocable life insurance trust. I was young, did not understand what was happening, and did not even know what questions to ask. Unfortunately, the attorney made some mistakes with the Crummey notices, which later caused us great stress and expense. Had I read ...the Best Policy I would have been able to avoid all of that frustration and pain. If you're involved in any way with life insurance, you absolutely need to read this book (and give it to your clients)."
- John Spence - one of the top 100 business thought leaders in America in the area of trustworthy business behavior
"Our century-old business chartered a private trust company in 2012 to support the continued longevity of our family enterprise. That trust company has become responsible for a number of irrevocable life insurance trusts.
This book by Tate Groome is a superb and timely contribution to the growing knowledge requirements of both our Board of Directors and the operating leadership of our trust organization. I am grateful to the author for this effort to bring clarity to the issues surrounding the obligations we have taken on in our quest to build our family company."
- Jim Ethier, Chairman of the Board, Bush Brothers & Company
"I was thrilled to see that a book about insurance could be so informative, while simultaneously being so entertaining! Tate has done a great job merging the human element with technical data in this publication. It is a book that fiduciaries managing ILITs, as well as grantors & beneficiaries of trusts should read."
- Becky Kelly, Managing Partner, Fiduciary Education Center, LLC
"Tate Groome's book, ...the Best Policy, zeros in on what professionals in the life insurance industry have long known: 'the process of designing and managing policies on an ongoing basis is a far more important decision than trying to pick the best policy.' Tate's book strikes an interesting balance in showing how life insurance policies work best. It requires both the specialized knowledge of these complex and opaque financial products and, with a product that is designed by its nature to span generations, the ongoing care for clients. The mix of personal stories and technical information in the book shows how this has played out over the last 65 years at Tate's firm, Colton Groome."
- Lawrence J. Rybka JD, CFP®, President & CEO, ValMark Securities. ValMark Securities is a specialty broker-dealer that supports 120 carefully selected member firms like Colton Groome nationwide. ValMark has, in the last 52 years through its combined buying power, helped its member firms place over 20 billion dollars of face amount with two dozen insurance companies. Larry is also the author of dozens of published articles on life insurance including the award-winning articles: "A Case for Variable Life," "Whose Policy is it Anyway," and "Insurance Policy Selection for Irrevocable Life Insurance Trusts: New Challenges for Trustees and Advisors"
"This book connects the dots for everyone who is concerned (or advising those concerned) about their family, their wealth, and legacy. Tate's writing is not only very accessible, but also enables anyone to understand how the mindful use of insurance can be a vital tool to achieving your goals, family harmony, and planning that aligns with your values."
- Dr. Greg McCann, Founder of McCann & Associates, Founder of Stetson University's Family Enterprise Center
"This thoughtful and well-organized book marks a new generation of resources for family businesses. Tate's experience in the field of life insurance is evident in his writing. He has woven the personal stories of his clients together beautifully to explain the concepts. It read more like a conversation over coffee rather than a lumbering book of insurance information. He not only understands the complicated issues, but has the ability to explain it in simple, unassuming prose. Tate is a real pro, working with his father and brother in the family business that has served the area for over fifty years. Tate's consideration and appreciation for family bonds leaps off the pages of this book, and his encouragements will inspire you to design your legacy, starting today!"
- Cindy Clarke is the Executive Director of the University of North Carolina Asheville Business Forum since 2006. The Forum is a continuing education series designed to support family business and was established in 2001
"In my work with business families I encounter the whole range of human emotions. Often I am referred by trusted advisors with clients who know what needs to be done, but who are resistant to dealing with mortality issues. One in 3 family businesses will pass successfully to the next generation of owners. Many of those that fail do so because of liquidity crises at the time of death of the owner. Nothing fills that gap quite like life insurance. Tate talks about the 'dreaded' subject with humor and insight. His personal stories add a depth to his writing that is often missing in technical books."
- Robert Caldwell is the founder of Family Firm Resources LLC of Charlotte. He regularly consults with, speaks and teaches on the subject the human side of family owned business. Since 2001, Robert has been the Babcock Family Business Fellow in the Wake Forest University Schools of Business
"Being in the financial services business for 40 years, I've read a ton of books. Tate Groome is so passionate about his message I knew the book would be awesome and I was correct. My interest was piqued instantly quickly as I read ...the Best Policy: Irrevocable Life Insurance Trusts: Getting to the Heart of the Matter. Having a story weaved into how important life insurance can be allows you to experience it through some-one else's eyes. Tate did a great job of clarifying his message to the reader while keeping them intrigued until the end. A must-read coming from someone that has written 8 books and understands how important education helps people. A must-read for all!!!"
- Gina Pellegrini, Owner of Pellegrini Team Consulting & Strategic Coach® Coach
"Tate has demystified life insurance in a way that is practical and useful, yet insightful. His insights and experience will greatly assist you as you navigate the process."
- Patricia M. Annino Esquire. Patricia is the leading authority on how women can create, grow and keep their wealth. Ms. Annino is a nationally recognized authority on estate planning and taxation, serving the estate planning needs of families, individuals, and owners of closely held businesses. She is the author of a number of books, including Cracking the $$ Code, What Successful Men Know and You Don't (Yet!), Women in Family Business: What Keeps You Up at Night?and Women & Money: A Practical Guide to Estate Planning
"In reading ...the Best Policy I was struck by the thoughtful stories that made the financial products understandable to not only professionals in the field but understandable to me and to the families I work with who must make the ultimate and educated decision of what to have in place when they are no longer here. Never an easy discussion but one that must be had and revisited periodically as the years pass. I met Tate and his family years ago and I am continually impressed at their dedication to improving the knowledge base and processes available to their clients, the industry and complex families of wealth everywhere."
- Ann Dugan, Founder of the Institute for Entrepreneurial Excellence at the University of Pittsburgh