Wealth Management Report - Living Your Dreams

These eight documents can make life much easier for those you leave behind.

Do-It-Yourself (DIY) estate planning is not uncommon for most consumers. Most people utilize DIY estate planning to save money but it is risky. For instance, there are tons of resources online that permit you to put together a will for less than $100 also there is a california approved will and trust forms you can download …

When it comes to preparing for anticipated life events, only one out of 10 Filipinos plan to invest; only 2 out of 10 get insured; and 8 out of 10 put their money in the bank

They say lying is an art and not everyone can do it well. Those who do it well pat their own back by saying they can manage any kind of situation. Do we eve

When you love someone, it’s the little things that make a difference like opening a car door, pulling out a chair, wiping away the tears and spending time listening to them talk about his or her day. It’s also about protecting and caring for your partner and family even when you’re not around. Making sure the kids have coats in the morning, even if they say they’re not cold; putting a nutritious dinner on the table, even when it’s eaten so quickly no one knows what it is; and providing financial security, even if they’ve never looked at a checkbook. Loving someone is about keeping their best interests in mind, even if they are too young to know what that means. Life insurance provides financial security for your loves ones at a time they need it most. They’re fragile and reeling from the emptiness your departure has caused in their lives. The last thing they need to worry about is creditors. Your ultimate love letter Hopefully, you spend your life telling and showing your family that y

AN UNNAMED Silicon Valley billionaire has purchased the world's most valuable life insurance policy, worth $201 million.

The man who cobbled the deal together said Saturday that it took seven months and 19 insurance companies to put together a deal that surpasses a $100 million policy sold to Hollywood mogul David Geffen in 1990.

“No one company can afford to take a $201 million hit,” said Dovi Frances, the financial adviser who represents who he calls a “well-known billionaire.”

The Guinness Book of World Records announced the surpassing of Geffen's record on Thursday. Guinness officials spent about three months reviewing records, Frances said.

“It was worse than any audit you can think of,” he said.

Guinness credits Frances with the record for selling the policy, surpassing United Kingdom life insurance salesman Peter Rosengard who helped put together Geffen's policy.

Frances is president of Santa Barbara-based S.G. LLC. The firm has represented the billionaire since he responded to a direct mail solicitation in 2010.

Frances said the billionaire wants to remain anonymous for two reasons: privacy and keeping the news from his benefactors.

“He wants his next of kin to keep working hard,” Frances said.

Frances said that the annual premium is in “the low, single digits of millions of dollars.” He said the insurance companies benefit from the deal by immediately investing the premium, and their risk is if the billionaire dies too soon.

Frances wouldn't disclose the billionaire's age.

Several billionaires have connections to Frances' firm, including Google Chairman Eric Schmidt and Palantir Technologies co-founder Joe Lonsdale. Frances declined to discuss identity of the policyholder.

Elon Musk, the founder of Paypal, Tesla Motors and other start-ups, declined to discuss with the San Jose Mercury News whether he was the policyholder.