Doug Andrew answers a wide variety of questions each week on his 3 Dimensional Wealth YouTube channel. This week, the question he tackles has to do with maximum-funded IULs and what Congress or the IRS may have in store for them.
As Doug explains, the IUL is a savings vehicle that allows you to accumulate your money tax-free, to access your money tax-free and which, ultimately, increases in value and transfers to your heirs tax-free upon your passing. He describes this vehicle as the LASER fund which means liquid assets safely earning a predictable rate of return.
A properly structured, maximum-funded IUL is a sacred cow in the Internal Revenue Code under sections 72E, 7702 and 101A. Often, as Doug is teaching people about this incredible vehicle, the question arises: What if Congress or the IRS does away with the tax-free advantages of an IUL?
Doug answers this question and provides necessary historical context to this long-time part of the Internal Revenue Code.
HERE ARE JUST A FEW OF THE TOPICS DOUG COVERS IN THIS WEEK’S EPISODE:
- When is the last time Congress considered making changes to the Internal Revenue code that covers IULs? Doug explains why it was being considered and why Congress ultimately decided not to interfere with it.
- How does an IUL allow a person to take ownership of his or her future? Doug shares the advantages of tax-free accumulation, access and transfer.
- What is the difference between living benefits and death benefits with a max-funded IUL? Learn how this savings vehicle provides peace of mind now and in the future.
- How important is it that you be as self-reliant as possible when it comes to providing for yourself in the future? Doug shares the sobering truth about government-administered programs like Social Security, Medicaid and Medicare and why it’s not wise to count them in your golden years.
- What are the three tax citations you must abide by? Learn what TEFRA, DEFRA and TAMRA are and why these tax laws do not affect grandfathered IULs.
- Are taxes likely to be raised significantly in the days ahead? Doug spells out the reality of what some candidates are promising if they are elected in Nov.
- And much, much more…
Start by visiting with a IUL Specialist today.
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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment.