- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Life insurance questions\advice
Posted on 9/30/17 at 1:53 am to Slickback
Posted on 9/30/17 at 1:53 am to Slickback
quote:
A lot of people are having kids later in life and kids are still dependent on parents income, and many grandparents are assisting with grandkids expenses (either taking care of them or helping with school costs)
Why haven't they worked to accumulate adequate savings?
quote:
People aren't saving enough and having a large debt (like a mortgage) is not uncommon in your 60s and even 70s, and their spouse cannot survive financially without their income.
You make fun of people that follow Dave Ramsey, but if they had they wouldn't be in this position.
quote:
People want to leave a legacy to family or an organization
They could leave it from the net worth they have accumulated.
quote:
life insurance is the most efficient way to pass money down to heirs
The lawyer just gave me a check from my parents estate, seemed pretty efficient to me, few people have estates that result in tax liability.
quote:
Great way to equalize an estate among heirs
Like I said we each got a check for a equal share of the estate, seemed pretty efficient, but really have no idea what you are talking about here.
quote:
Permanent life insurance has several tax benefits for people in the right position.
Those situations are rare among the average person.
2
Posted on 9/30/17 at 8:38 am to EA6B
You asked for examples that applied to normal people. Many "normal" people don't have their finances in order in their 50s. Should they? Probably, but you'd be surprised to see A huge number of individuals that don't. And it's not always who you would suspect.
I've never made fun of Dave Ramsey. That's was another poster. The average or normal person doesn't follow him. I agree with you, that If they would they'd be in a better spot.
Estate equalization is when you have multiple heirs but a large percentage of your estate is from one asset (land, business, home, etc) that you don't want to break up or burden the receiving heir with having to pay out of pocket to other heirs. If you have a $2mm estate with 4 heirs but want to leave the $1mm business or $600k home to one heir, without them owing the others. If more people did this their would be a lot less fighting during succession.
Im a strong believer in term vs permanent, but saying no normal person over 50 has a use for Life Insurance is a stretch. I see the value of permanent insurance in some situations. I understand the arguments against it, but there are several situations where it makes sense for the right person too.
I've never made fun of Dave Ramsey. That's was another poster. The average or normal person doesn't follow him. I agree with you, that If they would they'd be in a better spot.
Estate equalization is when you have multiple heirs but a large percentage of your estate is from one asset (land, business, home, etc) that you don't want to break up or burden the receiving heir with having to pay out of pocket to other heirs. If you have a $2mm estate with 4 heirs but want to leave the $1mm business or $600k home to one heir, without them owing the others. If more people did this their would be a lot less fighting during succession.
Im a strong believer in term vs permanent, but saying no normal person over 50 has a use for Life Insurance is a stretch. I see the value of permanent insurance in some situations. I understand the arguments against it, but there are several situations where it makes sense for the right person too.
Posted on 10/8/17 at 2:51 pm to EA6B
quote:
The lawyer just gave me a check from my parents estate, seemed pretty efficient to me, few people have estates that result in tax liability.
You are hedging your bets - as a more liberal stance on inherentece and transfer of wealth takes hold, planning now is key. Within 20 years, congress will rewrite tax law governing this...and it won't be beneficial for those directly impacted.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News