What Do You Do Now?
{2 minutes to read} Twenty years ago, I purchased a 20-year term policy. Today, I got a letter from the insurance company about an important milestone that is upon us. The letter then went on to explain that my 20-year term policy has a feature now that allows me to continue the coverage if I want to, at a premium, going up from $1,300 to $52,920. Now, very rarely is anybody going to pay that premium, but this was a term policy, meaning that it normally ends at [...]
A New Kind of Life Insurance
{5 minutes to read} Today, I want to talk about a new life insurance product that has recently come out called a 12 Pay Whole Life Contract. In the illustration attached, you're going to see $100,000 contributions going in for a 45-year-old individual for 12 years. This is a permanent life insurance policy that can never expire and has limited payments so that at the end of the 12 years, you have a paid-up life insurance policy. Also, the unique nature of this type of whole life policy [...]
Annuities and How They Can Fit into Your Retirement Plan
{9 minutes to read} What seems to be top of mind for many people my age (I'm 61 years old), is retirement planning and the effect of inflation and market volatility. How are people going to navigate this difficult period that we're going through? There is a lot of fear on the street with inflation and recession and the market being down. I want to share some ideas about retirement planning, using products that were developed by actuaries — actuarial science products — annuities, and how they can [...]
The Permission Slip
{3 minutes to read} With all the volatility in the market and a lot of fear on the street with recession and inflation, some basic financial planning concepts may serve to help some of the readers today. There is a concept I learned about 20 years ago called The Permission Slip, built around the idea of being able to spend your money freely. I reflect on my father who was born in 1920 and lived through the Depression. When he decided to retire, his attitude was he could [...]
iCLAT Interview w/ Brad Gornt – Part 2
{12 minutes to read} Michael Fliegelman: We are back again for Part 2 of our discussion about Roth conversions and how to offset the income tax generated by that conversion. We are here with Mr. Brad Gornto, who can help in this kind of charitable planning. And Brad, in Part 1 of our discussion, you walked through the concept that you developed called the iCLAT, for our readers, which is the reversionary charitable lead annuity trust that is designed to offset income taxes in a year where a [...]