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re: Anyone using a whole life insurance policy for income?
Posted on 6/15/23 at 9:17 am to Tomatocantender
Posted on 6/15/23 at 9:17 am to Tomatocantender
quote:
Estate planning strategy as well but this is usually synonymous with a high networth individual, not really the average Joe.
This was always my understanding of it. It's basically a place t put money when you've put money everywhere else. Most of us average people will never have the need for something like this.
ETA: the money is protected from creditors, which is the big bonus of this scenario.
This post was edited on 6/15/23 at 9:18 am
1
Posted on 6/15/23 at 9:35 am to BottomlandBrew
quote:
This was always my understanding of it. It's basically a place t put money when you've put money everywhere else. Most of us average people will never have the need for something like this.
If the insurance is for paying estate taxes, it must be owned outside of the estate or it only exacerbates the problem.
Posted on 6/15/23 at 10:09 am to TDTOM
quote:
If the insurance is for paying estate taxes, it must be owned outside of the estate or it only exacerbates the problem.
For very large estates, yes, but sometimes people want the death benefit to pay for income taxes on IRAs, especially with the 10 year rule replacing the old stretch IRA provisions.
Posted on 6/15/23 at 11:30 am to slackster
quote:
I doubt you had a direct investment in a bond fund, but the general idea is accurate.
Fair. I belive what you describe is exactly how the insurance company did it.
This post was edited on 6/15/23 at 11:32 am
Posted on 6/15/23 at 12:21 pm to PetroBabich
Whole Life policy documents are not going to say where the funds are invested. Universal Life, Index Universal Life and Variable life polices will provide that information.
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