Asset Protection Using Cash Value Life Insurance
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- Опубліковано 5 лип 2024
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Asset Protection is a vital part of any financial plan, and yet, very few people realize how you can use life insurance for asset protection. In this video, we explore how life insurance can be a crucial component if your goal is asset protection.
Most planners will use asset protection trusts which in many cases limit your liquidity or access to the dollars in the trust. Here we explore the unlimited exemption on cash value (state specific) for bankruptcy and creditors.
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I was introduced to CV Life Insurance through an asset protection attorney I consulted with about a decade ago. I’m a Medical Doctor and asset protection is super important to me. I’ve since become a self taught IUL semi-expert and enthusiast and asset protection is probably the top benefit of it for me.
Definitely! Probably the most underrated benefit.
@WWIIPacificHistory Hi, asset protection is critical for high income earners, let me ask you, do you own a retail life insurance policy or an institutional grade life insurance policy?
@@danielleon5074 I don’t think I understand what you’re asking? I own multiple IUL’s from several insurers.
@@WWIIPacificHistory Do your policies contain surrender charges? Institutional grade corporate life insurance doesn’t contain surrender charges, 100% liquidity starting day 1.
@@danielleon5074 My older IUL’s did have decent sized surrender charges that are now dropping off. My new agent, though, uses term riders to lower his commission and the surrender charges and fees by literally 80-90% while greatly raising the MEC limits. With my newer policies designed by him I have ~90% liquidity from day 1 along with very reasonable early fees like the per $1000 charges.
Great video, I learn something new often with your videos. I carry IUL's on everyone in my family. Thank you and appreciate your information!
Nice video ! Thank you! For the exemption , does it depend on where you live ? Or on where the insurance was issued initially ?
With complex issues like these I'd say let's look at the details case-by-case, but GENERALLY speaking, it would depend more upon the state you live in.
But why would someone put large sums into an IUL as opposed to investing or annuity?
You are protected from market loss, asset protection in case you get sued, tax free income and you can use it as leverage to build other assets. It is a great vehicle if structured and used correctly.
@@the_mezie_effect Thank you!!
@@Topself24 you’re welcome!
Does this protection include against "equitable division" in divorce?
Divorce is a different story! A judge can divide almost any asset in a divorce. Check with a divorce attorney for sure on this one.