Saturday, March 29, 2014
Saturday, March 17, 2012
Physicians Life Insurance
I grew up with many wonderful friends in a small town. Almost all of my best friends went on to become physicians. I remember visiting many of them at medical school, and going to after hours anatomy study, realizing many of the cadavers were given to science. Some were unbelievably young, and I realized then, that you have a short walk on this earth and you may as well try to help as many people as you can.
That is why I have constructed Physician Life Insurance to benefit an underserved segment of our society. Going to medical school is good for learning medicine, but it is not good for learning how to run a business or plan for a financial future. Investing with Life Insurance for Physicians has very distinct advantages for this group based on the following.
Based on the Federal Tax Code, many physicians make more than the Federal Phase Out for contributing to a Roth IRA. Their income is more than the 160,000/yr which is the allowable limit and therefore have no option available to them which is tax free when they pull the money out. Even if they don't make 160,000/yr, their income is too high to absorb the full annual deposit allowable of a Roth IRA, thereby limiting a meaningful accrual over their lifetime.
Physicians are specialists, and are dedicated to their profession. Oftentimes, that requires 12-18 hour days, and no extra time for financial or retirement planning.
Physicians oftentimes can be taken advantage of by the next get rich quick scheme, recommended by someone they know and trust. Over night riches go marching down the road into non existence. They can write the "loss" off of their taxes., because their income is high enough. Poof, money gone forever!
The actual need for Physicians to have Life Insurance is incredible. First, they need to protect a large income for their families. That would not be easily replacable. Afterall, it took 20-24 years of education to be in a place to generate that type of income.
Many physicians have a lot of debt that they accrued for their education. A lot of debt! And what about the expenses of starting a new practice or buying an existing one? Medical Insurance Premiums?
Physicians actually have one of the shorter life expectancies of any group, so years to work and accrue are limited.
Many options for retirement savings that are available for physicians, all follow the Traditional Taxable status. Most plans limit the amount that can be saved annually, so this limits the actual amount that can accrue over a career. It oftentimes is not enough for income any where near the amount they earned while working.
With the huge tax bill that physicians face each year, it is easy to get sucked into what deductions are available to them. By not evaluating what the ramifications are actually going to be when they take dispursements is a shortcoming that never gets addressed by any counsel they are associated with.
A tax rate of 50% on those dispursements is not going to be unheard of. So you have to save twice the amount to share with the government?
As far as the most superior investment available to Physicians, we are left with the best one! Life Insurance! It is by far the most beneficial retirement planning vehicle available for Physicians.http://www.401klifeinsurance.com/physician_life_insurance.html
That is why I have constructed Physician Life Insurance to benefit an underserved segment of our society. Going to medical school is good for learning medicine, but it is not good for learning how to run a business or plan for a financial future. Investing with Life Insurance for Physicians has very distinct advantages for this group based on the following.
Based on the Federal Tax Code, many physicians make more than the Federal Phase Out for contributing to a Roth IRA. Their income is more than the 160,000/yr which is the allowable limit and therefore have no option available to them which is tax free when they pull the money out. Even if they don't make 160,000/yr, their income is too high to absorb the full annual deposit allowable of a Roth IRA, thereby limiting a meaningful accrual over their lifetime.
Physicians are specialists, and are dedicated to their profession. Oftentimes, that requires 12-18 hour days, and no extra time for financial or retirement planning.
Physicians oftentimes can be taken advantage of by the next get rich quick scheme, recommended by someone they know and trust. Over night riches go marching down the road into non existence. They can write the "loss" off of their taxes., because their income is high enough. Poof, money gone forever!
The actual need for Physicians to have Life Insurance is incredible. First, they need to protect a large income for their families. That would not be easily replacable. Afterall, it took 20-24 years of education to be in a place to generate that type of income.
Many physicians have a lot of debt that they accrued for their education. A lot of debt! And what about the expenses of starting a new practice or buying an existing one? Medical Insurance Premiums?
Physicians actually have one of the shorter life expectancies of any group, so years to work and accrue are limited.
Many options for retirement savings that are available for physicians, all follow the Traditional Taxable status. Most plans limit the amount that can be saved annually, so this limits the actual amount that can accrue over a career. It oftentimes is not enough for income any where near the amount they earned while working.
With the huge tax bill that physicians face each year, it is easy to get sucked into what deductions are available to them. By not evaluating what the ramifications are actually going to be when they take dispursements is a shortcoming that never gets addressed by any counsel they are associated with.
A tax rate of 50% on those dispursements is not going to be unheard of. So you have to save twice the amount to share with the government?
As far as the most superior investment available to Physicians, we are left with the best one! Life Insurance! It is by far the most beneficial retirement planning vehicle available for Physicians.http://www.401klifeinsurance.com/physician_life_insurance.html
Orange County Life Insurance
Living and working in Orange County California is certainly a privilege that we should not take for granted. What a place to explore the highest quality of life possible. Just think of the huge, quality employers that are headquartered in our county. Take a grasp of the quality educational facilities that we have for higher learning. An old timer newscaster used the term from the desert to sea, and that certainly encompasses the geography of our county. Living here over a quarter of a century, I certainly have seen the tide come in and the tide go out, so to speak. Think of the relationships and the businesses that have come and gone in that period of time. It is actually flabberglasting! I have personally established thousands of high quality relationships that I cherish and hope to keep for another quarter of a century. One thing that has stayed consistent over this period of time is that the companies that are established to protect your future are still in business and here to serve you. Lets make a plan together. Give me a call or email me and I will personally give you a free consultation to map out a financial plan that you can achieve. The goal for all of us, in different ways, is financial and personal freedom, so we can do the things that we want to do. It is possible and I can help you accomplish this over the next quarter of century. I make no promises that it is going to happen over night, but if you put sound principals in place today, you will have a prosperous future.
Please extend yourself, and don't succumb to the habit of inaction, denial and mistrust. I will be honest and forthright with you, and I pride myself in doing what is right for you over what is right for me.
http://www.401klifeinsurance.com/Orange_County_Life_Insurance.html
Please extend yourself, and don't succumb to the habit of inaction, denial and mistrust. I will be honest and forthright with you, and I pride myself in doing what is right for you over what is right for me.
http://www.401klifeinsurance.com/Orange_County_Life_Insurance.html
Friday, March 16, 2012
Financial Aid for College
Many of my clients come to me and ask about financial aid for college. There are several college funding solutions that are available to parents and they are based upon several factors. My practice revolves around asset planning strategies that allow your child, or children, to qualify for more funding for college, based on transfering assets to "vehicles" that do not account for, how much funding your child can qualify for based on the Federal Methodology of income and assets.
The first consideration for college funding solutions, is obviously, borrow the least amount of money that you can to get your degree, and to pay the least amount of interest possible. These rates are in the 3-4% range at the current time, but could easily increase to the 7-8% range over the next several years. This in and of itself, could cost five thousand dollars or more just in increased interest rate payments for your childs education.
If you have been diligent in saving for your childrens education, and you have accumulated part of the amount needed, or all of the amount needed, you probably accumulated it in exactly the wrong vehicles to have your children qualify for needs based financial aid for college. If you accumulated education funds for college, another worst place to have accumulated those funds, is in your childs name.
I have studied hundreds of government documents, books, manuals, and formulas, and I have discovered the best way to be a college financial aid advisor, is to help my clients with the only two places that families can put money so that it doesn't count against them for college funding solutions. The only two places that a family can put assets that will help them qualify for funding for college, is in life insurance and annuities.
I have helped many clients save for retirement. The need became so obvious to help families with really any type of net worth, to help them pay for their children's college education, that I am well respected as a trusted college funding advisor.
I don't specialize in any type of private scholarship search service, but rather helping my clients increase their eligibility for needs based college funding solutions, based upon tax favored strategies that while may not help with financial aid in all cases, it will help with sending your children to college for the lowest out of pocket expense, thereby getting the best education possible, and not strapping them with an unconquerable mountain of debt.
The primary objective of asset based financial strategies, is to reduce the overall value of the family assets, which will put your assets out of view in calculating financial aid formulas, as insurance products are currently EXEMPT from the Federal Methodology in calculating financial aid for college.http://www.401klifeinsurance.com/
The first consideration for college funding solutions, is obviously, borrow the least amount of money that you can to get your degree, and to pay the least amount of interest possible. These rates are in the 3-4% range at the current time, but could easily increase to the 7-8% range over the next several years. This in and of itself, could cost five thousand dollars or more just in increased interest rate payments for your childs education.
If you have been diligent in saving for your childrens education, and you have accumulated part of the amount needed, or all of the amount needed, you probably accumulated it in exactly the wrong vehicles to have your children qualify for needs based financial aid for college. If you accumulated education funds for college, another worst place to have accumulated those funds, is in your childs name.
I have studied hundreds of government documents, books, manuals, and formulas, and I have discovered the best way to be a college financial aid advisor, is to help my clients with the only two places that families can put money so that it doesn't count against them for college funding solutions. The only two places that a family can put assets that will help them qualify for funding for college, is in life insurance and annuities.
I have helped many clients save for retirement. The need became so obvious to help families with really any type of net worth, to help them pay for their children's college education, that I am well respected as a trusted college funding advisor.
I don't specialize in any type of private scholarship search service, but rather helping my clients increase their eligibility for needs based college funding solutions, based upon tax favored strategies that while may not help with financial aid in all cases, it will help with sending your children to college for the lowest out of pocket expense, thereby getting the best education possible, and not strapping them with an unconquerable mountain of debt.
The primary objective of asset based financial strategies, is to reduce the overall value of the family assets, which will put your assets out of view in calculating financial aid formulas, as insurance products are currently EXEMPT from the Federal Methodology in calculating financial aid for college.http://www.401klifeinsurance.com/
Monday, October 17, 2011
Using Life Insurance for Retirement
Using Life Insurance for Retirement has few restrictions. You can contribute any amount that you want during any calendar year. You do not have to wait until you are 59 1/2 to access your money, nor do you have to start taking minimum distributions at age 70 1/2. When you use life insurance for retirement, the distributions are tax free. During the accumulation phase, you can access your funds for any purpose besides retirement income. Any financial icebergs that you may encounter during your life can be offset by access to quick cash and riders may be built into your policy to cover disability issues or long term care. All of the programs are an actual part of the tax code and the companies that you place your funds with have been in business for over 100 years, or more and have a variety of ways to grow your funds. Your life insurance account balance leaves a tax free legacy to your heirs with no probate issues.
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