“Life insurance is one of the rare places you can pull funds without paying any income tax on the distribution.”
♫
Said on Entrepreneurs on Fire
“We put your 4 million into an income annuity… we put it into a life insurance policy, put the life insurance policy into an irrevocable life insurance trust… 12 million free of taxation to his children”
Entrepreneurs on Fire · Do What the Ultra-Wealthy Do to Build Wealth and Protect Your Family with Joseph Francis Lombardi
Play from 21:02
21:02
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What was described
Placed a $4 million IRA into an income annuity, paid required taxes, then transferred the annuity proceeds into an Index Universal Life (IUL) policy held inside an irrevocable life insurance trust (ILIT)
$4 million initial IRA; projected $12 million tax-free benefit to heirs
Said nearby on the same subject
“You can just roll everything into a traditional IRA and let that grow ... simplify your life”
♫
Said on The Ramsey Show
“Move the same holdings into a traditional IRA or 401k… that income compounds tax-deferred”
AK
Amanda Kish
Motley Fool Hidden Gems Investing ·
“You can use the rollover relief, and you can transfer the assets... into a company, into a unit trust. That will help you avoid the 30% minimum tax on discretionary trusts”
SW
Stuart Weems
Investopoly ·
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