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 Posted: Mon Feb 01, 2010 2:00 pm Post subject: |
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| Quote: | | Three fourths of my total value, after 30 yrs, is taxable if I surrender them. |
 Well,....I don't know whether to laugh or cry for you.... 
Let me see if I got this correct,.... for every $1.00 you have put into your fixed annuities you now have $4.00.
That's a 400% return on your principal over the past 30 years.
I would you suggest you do one of two things, either "1035 exchange" your old contracts for newer and improved ones THROUGH ME!!!! 
OR
Execute a settlement option or restricted bebnficary payout if you're really worried to DEATH about your beneficiaries tax problems after you've met you maker  !!!!!!! 
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GarySpicuzza
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| Posted: Sat Feb 20, 2010 1:47 pm Post subject: three fourths taxable |
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400% return? Back 30 yrs ago, you could double your money in less than 6 yrs. in bank CD's.
Those 1035 exchanges start the surrender charges all over again. Not good for us oldies.
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bluemax
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| Posted: Sun Feb 21, 2010 3:49 am Post subject: |
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| So why didn't you put the money into CD's 30 years ago? |
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BNTRS
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| Posted: Sun Feb 21, 2010 1:55 pm Post subject: |
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I should have learned when I got stung by the annuities in Baldwin United. Remember them?
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bluemax
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| Posted: Sat Sep 04, 2010 6:16 am Post subject: Securities Fraud |
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Generally the securities fraud involves many levels that a common broker must be extremely careful. Insider trading, misleading investors, falsifying documents and other actions are all the punishable cases of securities fraud.
Nice to share this information Stock Fraud Attorney
http://www.stockfraudattorney.info
Securities Fraud Attorney – Stock Fraud Attorney |
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scottybaxton
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| Posted: Mon Sep 06, 2010 1:21 pm Post subject: |
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| Quote: | | Back 30 yrs ago, you could double your money in less than 6 yrs. in bank CD's. |
But those CDs did not last, either. They collapsed when interest rates came under control in the 1980s. And most people didn't have the ability to tie up money in a 5-year CD in those years, either.
And to top it off, before the Tax Reform Act of 1986, if a wealthy person was getting the 12%-14% in a CD, they were losing up to 50% of the interest to income taxes, since the maximum marginal tax rate was 50%. A classic example of two steps forward and one step back.
Given the funding catastrophe Obamacare is creating, I wouldn't be surprised to see the 50% tax rate make a comeback very soon.
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MaxHerr
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| Posted: Thu Sep 09, 2010 3:41 am Post subject: |
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| 50%? It peaked just a little over 90%, and he's one for hope, change, and setting new records...99% here we come! Yes we can! |
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BNTRS
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| Posted: Tue Sep 14, 2010 6:55 pm Post subject: |
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| Quote: | | It peaked just a little over 90% |
When were marginal tax rates at 90%? That's news to me.
But, I have no doubt that we're headed in that direction now that Obamacare is the law of the land. Spend $950 Billion to save $140 Billion? If anyone can figure out how that saves real money, please explain it to me. When I run it through my accounting software, it still translates to $810 Billion in spending that does not exist today, and is not accounted for by taxes or other "revenue" today. So where will it come from?
DUH . . . maybe higher income taxes for everyone? The wealthy alone can't pay for it.
That's like the I Love Lucy episode where Lucy spends thousands of dollars on credit and claims she "saved 50%" Even the limited English proficient, legal Cuban immigrant Ricky Ricardo, knew that that mathematical reasoning was insane.
And now we have fully literate, but math-challenged idiots running things in Washington and state legislatures all across the country these days. Spend, spend, spend, spend, spend, spend, spend. Oh, we don't have enough to cover the checks? Tax, tax, tax, tax, tax, tax, tax.
Some say the only way out is a bullet. I don't know if they mean for me or the politicians.
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MaxHerr
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| Posted: Wed Sep 15, 2010 2:47 am Post subject: |
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Max,
Look here:
http://www.truthandpolitics.org/top-rates.php
You'll see it's been over 90% a few times, peaking out at 94%.
It's also interesting to note that the rates in terms of income cohorts fluctuates just about as much as the rates themselves. |
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BNTRS
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| Posted: Thu Sep 16, 2010 5:31 pm Post subject: |
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Thanks for the link. Very interesting.
I learned something new today. And now I have even more ammunition against Obamacare, courtesy of BNTRS. Forever grateful!!
I guess I am the victim of not knowing those "prehistoric" tax rates (although some of the footnotes indicate a reference to "net income" which would certainly skew the marginal rate higher compared to gross income), since I did not start working for money until 1968-69 at age 15-16 (and even then the maximum rate was 75% or more, which I guess I didn't pay any attention to at the time -- and I don't recall it as a topic of discussion in any history class at the time), since I was earning the whopping minimum income of $1.60 per hour (it had been $1.35 not long before I started working), making nowhere near the $200,000 wealthy "cut".
In those days, I worked an entire weekend at the local car wash and picked up my paycheck for the week the following Wednesday. $18.75 net after social security and income taxes -- hmmm . . . 27% combined.
At least I was making so little at the time I got the income tax portion all back as a refund (of excess taxes paid  ) Isn't that the same as a dividend? 
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California-licensed Property & Casualty Broker-Agent and Life & Health Agent. CA Insurance License #0596197. Send me your questions, and I'll send you my answers. I live, breathe, and teach insurance! |
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MaxHerr
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| Posted: Thu Aug 18, 2011 1:24 pm Post subject: |
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AccountingToday January
THE BUSINESS NEWSPAPER FOR THE TAX & ACCOUNTING COMMUNITY
Selling life insurance policies for profit
By Lance Wallach
Insurance policies with rising or re-appearing premiums can often cause their owners problems, especially when those owners’ financial needs or obligations change.
Is it a better investment to continue paying a policy that you have already paid into in hopes of a gain at maturation, or to recoup some of the investment by trading the policy for its cash surrender value? Corporate policyholders often face additional dilemmas when dealing with departing executives with key-man or split-dollar policies, or insurance purchased as part of a buy-sell agreement.
Another option is to sell the policy for cash. With a life settlement, the policyholder realizes an amount much greater than the cash surrender value in exchange for the ownership of the policy, thus increasing immediate revenue for companies holding unprofitable policies.
You can also sell term insurance policies. Life-settlement transactions involving key-man or buy-sell policies can provide businesses with increased cash flow to solve immediate financial problems, while transactions concerning split-dollar policies typically involve retirement planning and charitable giving issues.
An individual can also sell their policy for cash. In a recent advisor survey, nearly half of the respondents had clients who had surrendered a life insurance policy, many of whom might have qualified for a life-settlement transaction and subsequent lump-sum cash payment.
A primary reason why an accountant should be well-versed in the life-settlements field is the importance of their fiduciary responsibility to clients. When providing financial advice and strategic information, being able to identify a way to eliminate an asset that burdens the client with unnecessary expenses can be very helpful. Offering more options can satisfy more clients.
The life-settlement process takes about a month, is confidential, and the proceeds can be used for anything.
A recent settlement example is a 66-year-old male with a $2 million universal life policy with $4,200 of cash surrender value. The owner, who could no longer afford the increasing premiums, was paid $194,992 for the policy.
If one still needs life insurance, but does not want to continue the existing policy, the insurance swapoutsm should be compared to the life-settlement offer for the best results. That involves the exchange of insurance, elimination of taxable “paper” gain, or credit against a new policy of basis in an old one.
The alternatives to the above are keeping unwanted insurance, canceling and paying taxes, or canceling insurance and losing credit for the taxable loss. AT
Lance Wallach, CLU, ChFC, CIMC, speaks and writes extensively about financial planning, retirement plans, and tax reduction strategies. He speaks at more than 70 national conventions annually and writes for more than 50 national publications. For more information and additional articles on these subjects, visit vebaplan.com or call 516-938-5007.
The information provided herein is not intended as legal, accounting, financial or any other type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.
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