“Rich people will never be poor!” I squealed to my co-worker, half with delight and half with a twinge of guilt. We were discussing a strategy to use family gifts to fund a permanent life insurance policy. The gifts come from the grandparents. Their adult children would use the money to purchase a second-to-die life…
Estate Planning
Life Insurance is Not for Saving
Stop buying life insurance as a savings strategy. Stop buying it as a tax-deferral vehicle for retirement savings. Stop spending thousands of dollars a month on life insurance premiums, at least until you read the rest of this post. Life insurance is not a retirement savings strategy. Why do we buy life insurance? A person…
Fighting over money
In early 2015, Tom Benson, billionaire owner of the New Orleans Saints and Pelicans, announced he was removing his granddaughter, Rita LeBlanc, as heir apparent of his NFL team and replacing her with his third wife, Gayle Benson. He fired his relatives from their jobs at his companies and banned them from any further contact…
