Richard K. Newman
Strategist Or Life Insurance Salesperson – Can You Tell The Difference?
Richard K. Newman, CPA/PFS, AEP, CAP, is the founding member of Life Audit Professionals, LLC. Newman, a formerly practicing CPA, was founding and managing partner of Melnick and Newman, P.A., a full-service CPA firm. He has spent the last 29 years of his career focused only on life insurance strategies, helping affluent families transfer wealth to their loved ones.
His understanding of both income and estate tax issues places him in a very unique position. Not only does he understand how to purchase life insurance at the most favorable rates with highly rated carriers, he knows which products to use and where best to own the policy, providing the greatest after-tax benefit for families.
Newman cannot implement intricate planning on his own. He needs the help of his client’s professionals. He is a team player. He works in tandem with his client’s financial advisor, CPA, banker and lawyer. He has been told on numerous occasions by the professional community that he has provided significant value to the team.
Newman’s firm has developed a proprietary life insurance audit system – MYLIFEAUDIT. He has found that an audit of existing insurance has saved his clients many thousands in insurance costs. For example, many of his clients have integrated their need for long-term care protection using a life-insurance-based strategy for less than their current life insurance premium.
His tax and insurance expertise provide insight into more elaborate insurance strategies, such as the use of pension plans to purchase the needed coverage. For those families a little less liquid, his understanding of creative premium financing techniques will allow them to buy the required coverage to protect their business or real estate interests.
The achievement Newman is most proud of is his chartered advisor in philanthropy designation. Many of his clients, with his help, have rearranged their planning to provide societal benefit without interfering with the family legacy.
He earned his bachelor’s degree in accounting from the University of Miami. He’s affiliated with the American Institute of Certified Public Accountants; the Florida Institute of Certified Public Accountants; the Million Dollar Round Table, earning consistent Top of the Table credentials; and the NAIFA.
Life Audit Professionals, LLC, is located at 2101 N.W. Corporate Blvd., Ste. 300, Boca Raton. For more information, call 844-LIFEAUDIT or visit mylifeaudit.com.
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