a reply to: Atsbhct
if your sitting on a lot of cash that you do not intend on spending right now, consider a whole life insurance policy with cash value to leave to your
heirs. Maybe best not to let them know they could have lots of money when you die. But, the wealthy families have been utilizing this method for
centuries to bypass estate and inheritance taxes when leaving behind the money for their heirs after passing away. It is also purchased in the name of
new born children so that when they become older their kids actually have cash to use for college, and still have a death benefit if they kill
themselves driving drunk after a frat party from the borrowed money for college.
that is WHOLE
life insurance and not Term. Term is like auto insurance, they want your money but barely pa out enough to cover funeral expenses
and that is it. The entire cash value PLUS death benefit will be paid out in a whole policy. Plus, you can borrow from it over time if you so choose.
Whatever you do not pay back is simply deducted from the cash value payout upon death.
A great way for grandparents to leave something to their grandchildren for college and or a car (even a house) while the irresponsible parents
continue to blow credit card money on Sneakers, clothes, jewelry, video games, smart phones, tablets, clubs, drinks etc etc ....
Millennial parent be like "umm sorry kids, we blew everything we ever could have had on stupid worthless # that broke or got sold for a fraction of
retail and are currently in debt til death" .
Kids say back "thats ok, because we actually spent time with your parents when you were complaining about they never want to watch us so you can go
get plastered at the club while taking selfies on your smart phone in your new expensive sneakers. We have a huge life insurance policy which we can
actually borrow from, get us through college, a car, and maybe a modest place to live. So enjoy this #hole you refused to raise us in, nana and gramps
gramps at least had a plan, you useless pathetic mind controlled zombie"
Well, what are yall waiting for?? The whole life insurance market has done better than the stock market, is much more stable and less vulnerable to
volatility, and the wealthy have used it for centuries even today still do to make sure their children will have something to survive on. Hell, you
can even use it as your own retirement account technically once it has built sufficient cash value. Just get with the right wealth manager to
determine what you can deduct (borrow) annually from the cash value at retirement without letting it dry up.