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09-04-2021, 12:04 PM
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#21
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Posts: 1,281
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Quote:
Originally Posted by OldShooter
Our estate plan creates four trusts; one for DS, 2 for grands and one special-needs for one grand. We are subject to state but not federal estate tax (so far!) and have no liquidity issues. So IMO no need for insurance products with associated fees. We're on our second estate planning attorney after the first one died. Both were top tier around town and neither said anything about insurance.
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Old shooter, are you saying you have life insurance but your advisor did not suggest a plan for the policy? Or do you not have life insurance?
Since I have life insurance, our attorney drafting our will suggested a trust approach. He will not earn any additional income with this suggestion. He just thought it made sense. I just want to double check if it does. TX
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09-04-2021, 12:10 PM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
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savory, I interpreted OldShooter's response as that they do not have any life insurance.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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09-04-2021, 12:13 PM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,332
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Quote:
Originally Posted by savory
Old shooter, are you saying you have life insurance but your advisor did not suggest a plan for the policy? Or do you not have life insurance?
Since I have life insurance, our attorney drafting our will suggested a trust approach. He will not earn any additional income with this suggestion. He just thought it made sense. I just want to double check if it does. TX
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No, no life insurance. I had term life when we needed the protection but that was decades ago.
If you already have the insurance then the tradeoff is probably whether to cash it out on whatever terms are offered or to optimize it in your estate plan.
__________________
Ignoramus et ignorabimus
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09-04-2021, 12:17 PM
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#24
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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https://www.bloomberg.com/news/artic...-hard-to-close
Quote:
A niche strategy called private placement life insurance, or PPLI, was already gaining popularity among the very rich for its ability to shield fortunes from taxes. Now some advisers to the top 0.1% say it’s dominating conversations with their clients....
A little-noticed change in U.S. insurance law at the end of 2020 makes the tool more powerful, at the same time that competition among insurance carriers and advisory firms is giving rich investors more flexibility, lower costs and a wider choice of products on PPLI platforms. As long as assets are held in a PPLI policy, they escape taxes. When a policyholder dies, heirs inherit the PPLI’s contents tax-free.
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__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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09-04-2021, 12:28 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
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.
Quote:
...The bare minimum you’ll need to start a PPLI policy is about $2 million, advisers say, but it’s far more common for investors to devote at least $5 million to the strategy. ...
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__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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09-04-2021, 01:57 PM
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#26
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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Yeah, they're talking real wealth to avoid real taxes
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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