Brian Boyd
👤 SpeakerAppearances Over Time
Podcast Appearances
And upon your death, it's tax free to the recipient.
Yep.
And a lot of people don't understand that.
And, you know, that is so very important.
So let's just use easy numbers.
Let's say you have a million dollar policy.
You're putting money into it every month.
You pass away and.
your spouse or your family or whomever is the designated beneficiary is going to get a million dollars tax-free.
Now, if we're looking at that at ordinary income rates and it were taxable, the IRS would get 37% of that.
So $370,000 just went out the window.
No, I mean, that money upon death is so important to our beneficiaries.
Now, here's how I've used mine.
We've talked about self-banking.
But when my son was three months old, I bought him a whole life policy.
And I've been putting money into it every month.
Now, a lot of people out there have heard of a 1031 exchange, but how many of them have heard of a 1035 exchange?
I haven't.
I don't even know what that is.
It allows you to swap insurance policies.