“Secret 770 or 702(j) Account — Warren Buffett’s Most Unusual Investment”

Reading into Tom Dyson's Palm Beach Letter pitch for “The Secret Investment Account: How to Fund Your Own Worry-Free, 100% Tax-Free Retirement.” This was originally pitched as the "770 Account" and is now also being touted as a "702(j) Account"

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This was originally published on June 3, 2013, and it continues to be one of the most-discussed topics we’ve covered during those years.

The idea continues to be teased and promoted actively by Tom Dyson and his folks at Palm Beach Letter, sometimes using different names, so we’re re-posting it for those new readers who might be interested… the idea is now sold partly as a secret strategy used by Warren Buffett, Joe Biden, and other notable names… but the basic idea and the type of “bank on yourself” life insurance policy they’re pitching is unchanged (yes, I expect Buffett probably has some whole life insurance, since essentially all wealthy people use life insurance as part of their estate tax planning, and Berkshire Hathaway has engaged in life settlements/secondary life insurance investments in the past).

While you’ll still sometimes see it teased as the 770 Account, or as the “World’s Most Notorious Asset,” it’s also now being teased as the “702(j) Account” (just another mysterious-sounding number, like 770, that refers to the part of the IRS code that deals with cash-value life insurance)…

…the story otherwise hasn’t changed much, here’s our original article…

—-from 6/3/13—-

“Imagine an account that…

“Lets you retire 100% tax-free

“Is NOT reportable to the IRS

“Pays you an average of 5% per year

“Has paid out, on average, for 121 straight years

“And which, unlike traditional retirement plans like IRAs and 401(k)s, lets you withdraw money anytime you like, for whatever reason you like, and with no penalties whatsoever.”

That’s what Tom Dyson and a few other folks who sign their promo letters are promising in the latest pitch for the Palm Beach Letter, which he publishes with Mark Ford. It’s all about an account that’s been used by the uber-wealthy for generations, and by “at least six different U.S. Presidents,” including John F. Kennedy and FDR, whose pictures grace some of the ads to provide gravitas, to generate “IRS-exempt” income for retirement.

So what’s the story? Well, Dyson calls it the “770 account” to make it seem mysterious (why else, of course, would you buy the newsletter?), but, frankly, it’s plenty mysterious on its own even if you don’t give it a sneaky name. More on that in a moment.

In fact, this kind of “Account” is already being touted by lots of skeezy-sounding infommercials and books whose promises make you very suspicious — they come with names like “Bank on Yourself” and “Infinite Banking.”

That’s not to say that any of the heavily marketed versions of these plans are skeezy, just that their promises give me that feeling, and the numbers and specifics for plans like this come usually only when you’re sitting in an office with an agent. “Skeezy”, by the way, is defined by your friendly neighborhood Gumshoe as a combination of “sketchy” and “sleazy.”

But what they’re talking about with those plans, and what Tom Dyson is pitching for his newsletter, is life insurance.

Not just ordinary term life insurance like most people under 60 carry, though — we’ll get to that in a minute. First, a bit more of his tantalizing teasing:

Manhattan’s Secret Vault: Why Wall St. has kept this powerful secret hidden from you

“There’s a very good reason you’ve never heard about the “770” account before:

“That’s because Wall Street doesn’t want you to know about it!

“And neither do the big banks too, for that matter. (More on this in a minute.)

“Now, even though this is the investment account The Wall Street Journal is on record as saying is better than 401(k)s and IRAs… the majority of Americans don’t know it exists.

“Why?

“Well here’s a clue…

“I just got off the phone with an insider who works in the 770 industry. This person has worked first-hand with one of America’s biggest financial gurus (a name you’d instantly recognize), as well as several employees from Goldman Sachs and other big investment banks.

“And this is what this person said to me: NO ONE in Wall Street has their money in stocks—many of them are invested instead in ‘770’ accounts!

“Now, consider what this means…

“Here are the same investment professionals who’ve been telling us for years to “buy stocks”… and meanwhile… they’re all putting their money somewhere else!

“Ridiculous.

“Can you imagine the outrage this would create if most people found out about this?

“That’s why you’ll never hear your broker mention this investment to you, no matter how much money he (or she) has parked into it.”

We get a lot more in Dyson’s ad about the safety of these plans, and about how the big banks have tons of their own capital tied up in these plans (that’s true, by the way — banks have massive life insurance assets called “bank owned life insurance” or BOLI, they take it out on their top employees and it’s a large portion of their core capital), and Dyson’s reiteration that he has been putting increasing amounts of his own family’s money (20% of his net worth) into these accounts and getting a safe 5.5% yield … and it’s money that he can take out whenever he wants to by borrowing against it without penalties.

So what he’s talking about is not just life insurance, but probably a specific class of permanent life insurance that’s called “whole life.”

And it’s not really life insurance, not in the way those of us with term life insurance policies think of it (making sure your family’s not destitute if you die when your kids are young, or your mortgage has 20 years to go), it’s more of a wealth protection and tax-avoidance savings policy.

Whole life insurance is an agreement between you and an insurance company that they will pay out a certain amount of money when you die, and the agreement never expires as long as you keep paying the premium. That obviously means the premium is far larger than with a term life insurance policy, since a term policy expires at some point — term life insurance almost never pays out, so it’s cheap. You can pay $25 a month for $500,000 of 20-year term life insurance if you’re 35 years old, which is obviously cheap, but that’s because you’re young and healthy and the insurance expires when you’re 55, well before you reach the highest mortality risk years.

Whole life insurance does have that insurance portion, in that if you die in the early years of the policy there’s a death benefit that probably exceeds the money you’ve put in. But it’s not really for that — it’s set up to accumulate your death benefit over time. So if you want a $500,000 policy and the actuaries think you’ll die in 35 years, your premiums plus whatever returns the insurance company can earn on those premiums will have to add up to $500,000 in that length of time, plus whatever the insurance company wants to make as a profit. Life insurance companies do not generally do crazy investing or earn great returns in times of low interest rates, and they know pretty precisely when their insured people will die (for a large group, on average) so your premiums would likely be pretty stiff.

But that’s if you’re thinking about it as insurance — much of your premium goes into building a cash value for the insurance policy, and if you buy your policy through a mutual insurance company (like State Farm, or many others) that’s owned by the policyholders, and you get a “participating” or dividend-paying policy (meaning you get a dividend from the insurance company when they make money), then your cash balance can compound nicely and provide what are effectively decent investment returns that are indeed tax-advantaged. I don’t know whether the 5.5% gain that Dyson is expecting is typical or not.

Life insurance is often used by families who have some wealth to pass some of that wealth down to the next generation without taxes, and it doesn’t have accumulation limits that I’m aware of, like tax-advantaged retirement plans that restrict the amount you can put in every year — for most people contribution limits are a theoretical concept, but for the upper middle class and the wealthy the cap of 25-50 thousand a year across various retirement accounts is a bother.

So the key aspects of this, from what I can tell, are that you would want to buy whole life insurance, that you would want to have a participating or dividend-paying policy, and maybe even, if Dyson is following the same track as folks like the “Bank on Yourself” people, that you want to maximize the amount of savings you put into the plan (these are often called “paid up additions”) to increase your potential dividends from the mutual company and the growth of the account over time. The maximizing and “be your own bank” stuff is all about putting so much of your net worth into these policies that you do all of your big purchases (like buying cars, etc.) by borrowing from your policy. But of course, to do that you have to be the kind of person who can put a substantial amount of money aside for these large premiums as your “forced savings” plan.

And the reason it’s confusing, even if you don’t call it a “770 Plan”, is that these are complex contracts, they’re not standardized across different insurance companies, and from what I can tell you can only really buy them through an agent, whose commission structure may drive him in a different direction than you want to go. There are many, many variations and riders on these policies that I have only seen briefly mentioned, and I don’t know how most of them work — I suspect that they’re difficult to compare across providers, which is a hallmark of most commission-driven, hidden fee businesses.

Life insurance has a reputation for being riddled with fees, and for permanent life insurance and whole life insurance like this, the articles I’ve read suggest that most of the policies start to make sense after 10-15 years, but they suck up substantial costs and fees that mean you might lose out if you needed to try to pull your money out before that. This is a small segment of the insurance business that’s focused mostly on the wealthy, and the stuff that Dyson seems to be talking about is probably better handled with agents who are specialists in this … preferably those who don’t also happen to market a skeezy “secret plan.”

That is an extremely non-expert view. I don’t have a policy like this and I have not researched them fully, I’m sure there are people with whole life plans and probably agents who sell these plans out there in the great Gumshoe readership who could probably explain it better (feel free to use our friendly little comment box below) — all I can tell you is that Dyson seems to be teasing participating/dividend-paying whole life plans as his “770 plans” (and no, I don’t know what the 770 refers to), and they are real, and I don’t know whether they’re a good idea for you or not.

P.S. As of November 2013 this is now also being teased as “The ‘Underground Wealth’ Account: How to Fund Your Own Worry-Free, 100% Tax-Free Retirement” — these “accounts” were pitched in a different Palm Beach Letter teaser ad that was mostly about silver, I covered that one here on November 7.

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474 Comments on "“Secret 770 or 702(j) Account — Warren Buffett’s Most Unusual Investment”"

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Frank Ferreira
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April 25, 2014 2:53 pm
Are 770 plans a scam? Thank you for your comments regarding the IRS 7702 tax regulation. It has caused me to think about the discussion and write down some remarks to consider. First what is the IRS code (like 7702(a) or 401(k))? It dictates how an entity can legally structure a tax return or a tax qualified savings account, etc. So it is the law. What is a Whole Life or Permanent life insurance? It is an insurance contract. An insurance contract is protected by the U.S. Constitution because all contracts have the same protection. Insurance has been in existence… Read more »
Harris S Levy MAAA MSPAA CLU ChFC EA Ret.
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0
Harris S Levy MAAA MSPAA CLU ChFC EA Ret.
September 24, 2014 10:36 am

If what you lament and grouse about towards the close of your very excellent and understandable message come to pass then, ergo, the earlier points become moot. I am a bit more optomistic and feel that somehow cooler heads will prevail and that the dollar will not shrink into worthlessness and that the Government will continue to allowcmeans for those with forethought to provide themselves and their heis wiith a secure future. Amen.

Don
Guest
0
October 2, 2015 11:37 am

You are sooooo wrong…. China is the next (and largest) world currency…
May God bless your and all of yours during the bad times coming, Don

Don
Guest
0
October 2, 2015 11:43 am

Please send me a free copy of the special report “The Secret Investment
Account”.
Thank you in advance .

Did you know Americans can also invest in the Canadian social security program? Our Amerian Social Security program should be doing the same… The program never loses money and the system always pays on time! The American SS program is going bankrupt! what is up with that?

Tom
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Tom
November 12, 2015 3:13 pm
How can an American “invest” in Canadian Social Security (or for that matter in US Social Security.) In the US, you work, your employer pays money into social security based on you salary and you do also. But what if you don’t work, what if you are retired, or what if you work somewhere not subject to social security? Can you send a check to the government to invest in social security? For that matter, if you work and your employer takes out $2,000 of your pay for your social security and pays an additional amount itself, can you say,… Read more »
marty
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marty
February 6, 2016 5:23 am

Don’t think you can unless you work in Canada. I would be very hesitant about sending money to the Canadian government to invest in a retirement or social security acct.

Clark
Guest
0
February 16, 2016 5:42 am

I have a few of these infinite banking policies. Although not very valuable but certainly the dividends will cover whatever expenses I will have when I retire. As to the Canadian Social Program, I don’t know anything about that but I sure wish I was able to open a Canadian stock brokers account because I would like to get my hands on some mining shares when the whole thing falls apart.

Clark
Guest
0
February 16, 2016 5:44 am

I forgot to mention, the U.S. Government doesn’t allow U.S. citizens to open Canadian stock accounts.

SoGiAm
Irregular
3754
February 16, 2016 7:30 pm

Clark, this brokerage offers a worldwide solution: https://www.interactivebrokers.com/en/home.php Best2You-Ben

Patrick
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Patrick
February 27, 2016 4:35 pm

The Canadian government “social security” investment company told me that the US email campaign is not true. You have to have worked for a Canadian based firm and to have paid into the Canadian retirement program at some time in your life to qualify. US citizens are not eligible to apply without the above qualification.

Philip C. Seltzer
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Philip C. Seltzer
May 29, 2015 12:49 pm

“Thank you for your comments regarding the IRS 7702 tax regulation…what is the IRS
code (like 7702(a) or 401(k))?”
There is no such thing as the “IRS code” nor “IRS 7702 tax regulation” There is, however, the Internal Revenue Code and the income tax regulations thereunder.

David DeRouen Sr
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David DeRouen Sr
February 6, 2016 12:07 am

Need more information on 770 plans and 702(j) account:

Douglas Cohn
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Douglas Cohn
May 11, 2016 5:46 pm
You should subscribe to Palm Beach Letter then. I read about this and it is life insurance sold by a few very old companies that allow you to buy very small amounts if insurance. You borrow your own money and they supposedly charge no more than it earns which I find hard to believe but that is what they claim. They do supply the specific insurance company to invest in as well. I believe I bought a book from them with the subscription which I ended up cancelling as it just seemed like something for wealthier person than I.
thomas
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thomas
September 13, 2015 2:54 am
You can’t simply withdraw your money as that would create a taxable event, you must borrow the money out, and this reduces the cash available to pay the mortality charges in the policy (The death benefit ), and also reduces the death benefit as well, in a participating policy, dividends may be reduced, and the interest on monies used to collateralize a loan may earn a greatly reduced interest rate, plus there’s the actual interest rate on the loan. when all this is added up you may be paying 5% or more to access YOUR OWN MONEY, and that 5%… Read more »
thornsbj
Irregular
3
thornsbj
October 20, 2015 1:35 pm

The interest is ongoing only until you repay the loan. How is that worse than any other line of credit?

I don’t know about you, but my signature loan rate at my credit union is 8.99%. 5% seems a bargain!

Jimmy O
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Jimmy O
November 10, 2015 5:22 pm

The difference in your example is your loan from the Credit Union (which are fine organizations) and your loan from the cash value of your life insurance policy (which would be fine if I had sold you that policy) is that the Credit Union amount can exceed YOUR account’s cash balance, while your policy loan cannot exceed YOUR balance.

Roy Fultun
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Roy Fultun
October 20, 2015 4:54 pm

Does the insured ever get paid if the insurance company bankrupts?
And if one or all of the Fed, Treasury and Social Security fails, what’s going to happen
to the Insurance Company>

B.D.
Guest
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B.D.
October 30, 2015 11:41 am
Roy: In most states insurance is regulated, if not all, so it is most likely that in the event of an insurance company bankruptcy the policy would still be good, though it may be purchased and honored by another company or assigned by the state of origin to another company to perform it. Most states regularly audit companies and have requirements for reserves to avoid insolvency or catch and address it. As for the government failures, it’s anyone’s guess, but keep in mind they always have the ability to tax their way and cut their way out of a mess,… Read more »
Jerri Alice Reneau Ratcliff
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0
November 7, 2015 2:57 am

I am very frightened & I know we are in Revelation Times. I was adopted by Parents that were much older of whom already had Grandchildren. They taught me never to trust Banks or the Government because they went through the Great Depression. I am not happy with Wells Fargo. I want to invest & make money and I found out about the 770 account. Would you please guide me on what to do? Should I open an account with a Credit Union?

arshus
Member
4
arshus
November 9, 2015 4:00 pm
People you went through the Great Depression know who to trust and who not to. At that time, banks were literally going out of business on a daily basis – 40%+ of all banks would shutdown. They were not able to give people their own money back – and forget about the stock market. In October of 1929, the stock market suffered severe losses. It plunged over 22% in just a few days. But this was only the beginning. Over the next several years, the Dow Jones lost nearly 90% of its value, and it took 22 years to recuperate… Read more »
arshus
Member
4
arshus
January 29, 2016 8:53 am

Sorry – this is the right link:
http://www.7702account.com/how-it-works.html

Toni
Guest
0
January 28, 2016 5:14 pm
I’m in absolute agreement with what Frank has stated. One other thing I’d like to point out and reiterate, however, is that there are many Insurance agents who ARE looking out for their clients. Just because you are a Lic. agent does not mean that you are “sleazy,” “skeezy,” or whatever name of your choosing. It is a REQUIREMENT of your state that you MUST be fully licensed, the agent MUST be Licensed, and must pay all the state fees, licensing fees, registrations, and anything else the local, state and federal government dreams up. As for the “BIG, BAD COMMISSIONS”… Read more »
Thomas Leatherwood
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Thomas Leatherwood
June 4, 2014 8:04 pm

Please send me the free special report, “The Secret Investment Account”.
Thank you.
Pastor Tom

Jim Car
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Jim Car
August 16, 2015 4:35 pm

Please send me a free special report as well of the “The Secret Investment Account”.
Thank you in advance .
Jim Car.

Making Money
Guest
0
June 24, 2014 4:12 pm

It’s discouraging, and almost enough to put you off even trying – almost.

It took me time to realize that and start ignoring those who would make me a millionaire
– it doesn’t happen. It’s going to take you a little longer to start making money but you can setup free blogs
on Word – Press.

Polle
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Polle
June 29, 2014 11:50 pm
When I lived in England, these were called “With profits policies” They were not scams. There was a specified end date and if you were still alive then, you got the full “with profits” payout. I paid in about 6350 pounds over 34 years at 15.5 pounds a month and received 27000 tax free on the specified end date, an average return of 7.2% tax free. . The best thing in England though was that the premiums were also tax deductible. If you died before the end date, your estate got a minimum of the insured sum of 6350 pounds… Read more »
Charles king
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Charles king
July 18, 2015 8:13 pm

Ahhh, yes,
And what was the compounded inflation rate over your 34-year accumulation period?

gordy
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gordy
July 17, 2014 11:29 am

those dividens are nothing but a return on the over charge that the company charges you on those types of policies. these investments are for the rich. the little guy can’t afford them.

David Allenson
Guest
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David Allenson
September 6, 2015 12:58 pm

Well said Gordy! Well said!

Toni Nicholas
Guest
0
January 28, 2016 5:19 pm

You’d be wrong. It would be wiser to educate yourself and read more about the Infinite Banking Concept.

Dan Murphy, LUTCF, PFS
Guest
0
July 21, 2014 11:40 pm
If you listen closely to the video, the clues are all there as to what these contracts are. They are Whole Life policies sold by MUTUAL Life Insurance companies. Clues: Tax Deferred growth, tax free access to money, not advertised, companies not found on NYSE, unique dividends paid to contract holders not stockholders (that’s who Mutual Companies pay their dividends too), 5% safe return, generally guaranteed at 3%, “peace of mind”, worry free, designed for average investor, not a lot of money needed to start, companies around since 1857, etc. All these clues lead to Whole Life sold through Mutual… Read more »
Robert
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Robert
September 25, 2015 10:23 am
However what is confusing is the amount of money one can contribute. For a supposed 702(j) one can contribute as little as $200/month which would suffice if the beneficiary were a child . For a 770 account, I called Paradigm Life in Florida which sells these 770 accounts, $ 200/month might be enough for a child, however for an adult like my wife who is 44 years of age the cost for a 770 account is $900/month. The older you are the greater the cost as one would expect. The younger, vice-versa. The two definitely appear to be one and… Read more »
Toni Nicholas
Guest
0
January 28, 2016 5:26 pm
Yes, I agree. When I listened long enough, I too, realized they were talking about, what I know as, the Infinite Banking Concept. It’s also nice to know that you are licensed in all 50 states. I’d love to get to that point. I had a few setbacks with a few injuries, but… I’ll be licensed and active again in MA and NY hopefully soon! I also had no idea we could input our email address. Mine is pretty easy. Toni@ToniNicholas.com! So, if, by chance you read this reply, could you send me a ballpark estimate of the cost and… Read more »
Cory Mitchell
Guest
0
Cory Mitchell
February 22, 2016 8:21 am

How do I go about setting up a 770

arshus
Member
4
arshus
February 22, 2016 7:02 pm

I invite you to check our website for more information and contact us if you are interested:
http://www.770account.com/how-it-works—illustrations.html
Sincerely,
Edgar Arceo

Harris S Levy
Guest
0
Harris S Levy
August 12, 2014 12:36 pm
I have been following this thread ever since the posting of the original article. I added a couple of littler comments but never dreamt that this matter would take on a life of its own. I am both amazed and amused by the plethora of comments ranging from some pretty well thought out, well organized and close to the mark comments to blindly phrased gems of total ignorance (sic!). First off, there are many, many ways to save money, to protect the family, to plan for wealth transfer upon death, to lessen taxation duiring life, and on and on. THERE… Read more »
Charlie Hundley
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Charlie Hundley
September 6, 2015 2:05 am
This person is telling it the way it is. I picked up on the Beach Boys advertisement , that this plan can only be funded by an insurance company. I have spent my life in the insurance business and have seen agents do some strange things. There is most definitely a place for permanent life insurance such as whole life non-par and par, as there is a place for term insurance. However, in the last 25 years there has been way to much belief in term only(and invest the difference of premium) which 99% of people never do. And if… Read more »
David Allenson
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David Allenson
September 6, 2015 12:56 pm
The solution is to BUY TERM and Invest the difference that you will save from buying whole life into an IRA. Thus, you have created the BEST OF BOTH words. As you age, the reality is that “if” you have done your investmets right, you do not need a lot of life insurance! The kids are out of school, the house is paid off, and so forth! The challenge is that Life Insurance is GREAT, but someone has to die to get it. As you age, you better darn sure have some money to live on. The irony is that… Read more »
Greg Tabor
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Greg Tabor
September 25, 2015 1:29 pm
For a guy who’s supposedly such an expert, you sound like an AL Williams salesman from the late 70’s or early 80’s… I’m a former insurance salesman who was in the business during those years and has owned Term and Universal Life policies and who is presently in Term Insurance. I’m in Term because when it runs out, I’ll have saved up as much as the policy was designed to protect me for until I’ve met my savings goals and am closer to my retirement age. The UL policy my wife and I had jointly was a great vehicle for… Read more »
azrondo
Member
19
azrondo
August 21, 2014 11:08 am
At 19, I bought my first whole life insurance policy. It included riders at my desire to add to it in the future. Of course the rate was good, and it was protection that I understood and wanted for my future family and cash value build-up that many scoff at but don’t fully understand. It took very little discipline to keep the moderate monthly payments. It was also through a large American mutual insurance company (owners are the policy holders). Bottom Line: the $25K policy had premiums through 2010 of less than $24K. That sounds large? Well, I opted to… Read more »
Billy Ma
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Billy Ma
August 29, 2014 8:19 am
I did the name thing at age 22. Over the years the returns range from 4% to 17%. I have $500k of life insurance that in 3 years will be paid for for the rest of my life and cash value is $60k now. I used it twice to pay cash for a vehicle. nothing new here but the high commissions thee guys charge. Get one of these form a fraternal organization like AAL the way I did. Would I have been better off buying term and investing. Maybe. but the word is diversification. I also invested 10% of my… Read more »
LOU GREINER
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LOU GREINER
September 23, 2014 7:29 pm

HOW MUCH DO I NEED TO INVEST IN A 770 ACCT.

Dan Murphy
Guest
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Dan Murphy
June 16, 2015 9:08 pm
Lou. The correct answer is, how much do you want to invest from disposable funds consistently for 7 straight years? That amount determines the amount of insurance you need to purchase along with the investment in order to make this a viable 770 Plan. The purpose of the 770 Plan is really for future tax breaks and a solid yield. It is not a get rich quick style investment. The 770 plan should be viewed as an alternative method of retirement planning. Without knowing your personal situation there is no way for me to determine what you would need to… Read more »
Marlon Jackson
Guest
0
Marlon Jackson
October 2, 2015 8:13 am

Hey Dan I’m Marlon I’m new at learning about these accounts. I would love to learn more. I have some questions shoot me an email and let’s talk. Thanks Marlon

Robert
Guest
0
Robert
September 25, 2015 10:26 am

Depending on your age perhaps alot. If you are over the age of 40 and in good health, you are looking at least $800/month.

Ted Moss
Guest
0
October 27, 2014 12:55 pm

Unbelievable, the amount of misinformation here, particularly from some of those who profess to be experts. Very hard , I would think, for someone unfamiliar with the subject to draw any useful conclusion from this collection of uninformed part truths, cliches and downright untruths. In addition there is no” one size fits all” as is true for most financial advice, which needs to be tailored to individual circumstances. Best advice is to consult in person with an actual practitioner representative who can hopefully allay some of the fog contained in this blog and present clarity on the issues.

tes1900
Guest
0
tes1900
January 26, 2015 4:12 pm

My mother had one of those “Long term care” policies…What a joke!
The policy was through Met-Life. She had been paying $285.00 per month for 26 years that’s $88920.00; I paid over 7K for her care and Met-life paid back only $236.00. They said that the rest went towards processing – 6800 bucks for processing?
Be careful if you have Met-Life they are crooks. 3 times they (lost) my papers/recites and then they sent me a bill for over 700 bucks…for her rear payments…she was dead!

lee
Guest
0
lee
June 16, 2015 12:58 am

You need to contact the insurance commission and see what is going on. Also contact consumer affairs and check for other people who have been taken and maybe file a class action suit. This is just wrong and why was her payments so high? There is no statues of limitations on fraud. Hope to hear you got justice.

The Joke-sters
Guest
0
The Joke-sters
August 30, 2015 2:59 pm
Trap, Same exact thing happened w/my Mom recently regarding “long-term care policy”. She paid that Policy every month for over 20years. When it came time to use it, “Sorry Old Lady, call Medicare”! They Are WorthLess ScumBaggers, Preying on Old Widow Women. Man was I Pissed to say the least. She ended up with a debilitating ailment. I had her moved in with me and took care of her situation, all the while trying to get money outta these Jokesters. What did they pay out? Zero! Nada. What did she pay them? $325/mth for over 20yrs (out of her pension… Read more »
Carol
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Carol
December 20, 2015 7:09 pm

My mother also bought a whole/universal life policy from MetLife. She had paid in over $80,000 on a $100,000 policy. I went to an attorney. He found a flaw in their contract, filed a class-action lawsuit. The class action wasn’t accepted by the courts but my mother got back every cent she had put in the policy.

Monica Knott
Guest
0
Monica Knott
February 14, 2015 3:25 pm

Send info on 770 accounts to my ex wife in Houston, TX please.

Mark Crable
Guest
0
February 21, 2015 7:48 am

Some of the comments in this forum seem to be “plants” to support this 770 plan touted in the video I just viewed. There are far too many claims of benefit with no downside in what is presented. There is no free lunch, and the idea that life insurance as a concept extended back in time to Babylonia is ludicrous.

Buyer beware! Me smells a rat!

marty
Guest
0
marty
February 22, 2015 12:30 pm

Mr. Crable:
Respectfully, would you please explain “claims of benefit with no downside” and point out
the referenced blogs?

Tom F.
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Tom F.
February 23, 2015 9:57 pm
Just to be clear, “770” refers to IRS code number 7703 (possibly 7702) which states that the gains in the cash value of a whole life insurance policy are not taxable. So the returns on a whole life policy are similar to in state municipal bonds. One major difference, however, is that your municipal bond portfolio is not protected from creditors, whereas funds in your cash value are protected. While I don’t (yet) have such a policy, I am attracted to it for several reasons. First and foremost, it’s a powerful estate planning tool. Consider what happens if you have… Read more »
Toni Nicholas
Guest
0
January 28, 2016 5:36 pm

Bingo!

Edgar Arceo
Guest
0
February 23, 2015 10:39 pm
Thank you for your comment, Tom. I posted this on another feed, and I want to post it again: If you are thinking about doing this, make sure you are getting the best policy for you. It is a big commitment – be wise! Here are some pointers: Make sure you are going through a Mutual Insurance company that is rated – AT LEAST “A or A+”. Check their dividend rate against their loan rate. If they are charging you a loan rate ( in 2015) of 6-7% or more, that is probably too high. And finally (VERY IMPORTANT!): You… Read more »
John
Guest
0
John
March 18, 2015 1:10 pm
“Secret 770 Account” (or “The President’s Account”) Explained An IRS tax-code based 7702 Private Retirement Plan under Internal Revenue Code 7702 is an alternative choice to traditional qualified plans such as….. a 401(k), 403(b), SEP IRA, ROTH IRA, Keogh or other tax qualified plan. All traditional IRS qualified plans have restrictions and limits on how much an individual can contribute to their plan annually, and of the few loan options available there are strict rules and hefty penalties. Traditional qualified plans also have IRS penalties if you need income prior to age 59 1/2, or want to leave your money… Read more »
Robert
Guest
0
Robert
March 30, 2015 12:09 pm

Has anyone done a cost benefit analysis on the merits of buying term life for your very basic needs and taking the rest of your money up to the most costly WL/UL policy and just buying stock in the best insurance companies? It seems that since the insurance companies are the one’s most profiting from all of this that this would be a viable option. Thanks.

Tina
Guest
0
Tina
July 19, 2015 4:41 am
I feel you have posted an excellent question (Robert) and would like to know if you ever received an answer regarding “buying stock in the best insurance companies.” As we all know, the stock market is not the “best” place to put your money .. however (due to the Obama”CARE” .. JOKE) .. insurance companies may just be an “exception” to the rule. I am very interested in the 770 accounts myself but am becoming somewhat disheartened due to what I have learned from this blog. I will do more reseearch .. and read more. Thank you to all who… Read more »
Toni Nicholas
Guest
0
January 28, 2016 5:50 pm
But, that’s the difference! The WL policies are with “mutually owned” companies only. Not publicly owned. That is the difference! Those who do not understand this concept sometimes get easily confused with other “experts” touting this or that or muddying up the facts. The only way this “works” is when you own a policy in a mutually owned company which then pays you not only interest, but the dividends. You can then either receive the dividend checks, or choose to reinvest them. That’s the “whole” point! It MUST be with a mutually owned company, and only licensed agents/brokers who are… Read more »
William Leonardi
Guest
0
William Leonardi
April 3, 2015 11:35 pm
As a Financial Adviser, primarily in the Life Insurance industry, you have to look beyond the death benefit for these 770s accounts. No life insurance policy should charge you for taking a loan out against your policy, if they do, you should question the nature of your policy. In many cases however, the first 17 – 22 years is crucial for proper accumulation. Just like your 401k or IRA, borrowing against it decreases the actual effectiveness these retirement accounts actually offer. So when you receive your illustrations for the anticipated performance of your policy it is basically stating that if… Read more »
Toni Nicholas
Guest
0
January 28, 2016 6:02 pm
IBC practitioners are versed in avoiding MEC, and yes, you should advise your client accordingly. There are also other ways to continue to grow your wealth with additional monies that your client wishes to put in such a policy and avoiding MEC altogether. Using the IBC, a practitioner and client can open up other policies with family members that are still controlled by the purchaser. For example, and this is also in Nelson Nash’s book, he opened up many policies for his grandkids – but – he controlled them. So, if he wanted to purchase any assets, and did not… Read more »
William Leonardi
Guest
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William Leonardi
April 4, 2015 12:13 am
Understanding Term Life, well there are such big debates as Suze Orman and Dave Ramsey have always advocated for Term Life over Whole Life or Indexed Universal Life. The main reason behind their advocacy can be challenged. I have read in some circles that they are paid by companies such as Prime america to advocate for term life. I am not saying that is true, but with everything out there, you would think that these savvy investor type people who give professional advise would understand the nature of the permanent insurance industry. Fact: Only 2% of term life policies ever… Read more »
anon
Guest
0
anon
May 4, 2015 10:53 am
Permanent policies work like this. the cost for 1000 of term insurance at age 21 costs $0.09 the cost for 1000 of term insurance at age 85 costs $950.00 In a permanent policy At age 21 they say pay us 15.00 per 1000 The first year they take all the money for commissions. If you die in the first year your heirs get 1000. A nice return on your 15 dollars. The second year you pay 15Dollars again. This time they take out the $0.10 for the insurance. they take out 1$ for a contract fee another $2 for other… Read more »
Steve
Guest
0
Steve
October 13, 2015 4:02 pm

You should have mentioned that a UL policy is a term policy. In most cases during a low interest environment, the company will take money from your cash value to make up for the shortage of your premium and if you do not have enough cash value, you would have to increase your premiums if you want to keep your policy!

Rick M
Guest
0
Rick M
May 11, 2015 5:52 pm
My dad was 96 when I bought one of these contracts for him to own. In our case, grandpa is insuring the youngest grandchild who was 22 at the time, so the actual premium for insurance was very low. It is a paid-up policy, where all the premium was paid up-front, and the policy break even was less than two years (we passed that point 7 months ago). It guarantees a return of 2.6+% plus an added dividend of about 2%, a rate not guaranteed, but varies with performance. So far, the insurance company has met the mark for the… Read more »
Rick M
Guest
0
Rick M
May 11, 2015 5:57 pm

By the way, the turkeys at Wall Street Daily are now pitching this as the BABYLONIAN MONEY CODE. http://pros.palmbeachgroup.com/1501PBLNOTASSET/MPBLR505/?a=24&o=25674&s=30163&u=2178677&l=405701&r=MC&g=0&h=true

How good can the advice be when the news writer is copying a two year old idea?

Ronald E. Baker
Guest
0
Ronald E. Baker
June 15, 2015 11:20 pm
Tom Dyson via Doug Casey’s organization most recently describes this “secret” as: “The Babylonian Money Code” also hinting at “Title 26 of the US IRS code” being used to exempt the owner from taxes. It is now being presented as some “discovered” secret wealth builder of the Rockefellers, Roosevelts and Clintons fortunes. As I know it, it is Whole Life Mutual Insurance, purchased at as young an age as possible, (even 2 years); but normally 18 to 25, held for life with all annual dividends reinvested in purchasing paid up additions. A very solid Mutual Company, like Mass Mutual is… Read more »
lee
Guest
0
lee
June 16, 2015 1:20 am

I am wondering if these companies can be charged with defrauding prospective clients. No statues of limitations on fraud.

Dan Murphy
Guest
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Dan Murphy
June 16, 2015 9:17 pm
There really is no mystery. These plans have been around for 100 years. With the roaring 80s and 90s emphasis on stock and real estate investing, these plans lost some luster. the returns were solid but not on the same level as stock and real estate. But after the bubbles burst, these plans have made their way back into vogue. They produce a solid yield with guarantees and have enormous tax advantages because they are in fact, Life Insurance. If not crafted properly by someone who truly knows how these plans work, they can have less of an impact. One… Read more »
Tom F.
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Tom F.
July 19, 2015 6:37 pm

At last, voice of reason!

Margaret
Guest
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Margaret
November 28, 2015 4:16 pm

I just had 95.00 taken from this coumpany//The Psalm Beach Letter. I have been scamed, What can I do?

Margaret
Guest
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Margaret
November 28, 2015 4:18 pm

Taken from my checking account is what I mean.

arshus
Member
4
arshus
November 30, 2015 11:33 am

I am sorry you had to pay for free information.
I recently created a webpage where I explain how exactly this account works. I also examined (“Scam or Reality” section) Palm Beach’s new teaser of the 702j account.
Everybody is welcoming to check it out:
http://www.7702account.com
Let me know if you have any questions.

arshus
Member
4
arshus
November 30, 2015 11:34 am

I am sorry you had to pay for free information.
I recently created a webpage where I explain how exactly this account works. I also examined (“Scam or Reality” section) Palm Beach’s new teaser of the 702j account.
Everybody is welcoming to check it out:
http://www.7702account.com/scam-or-reality.html
Let me know if you have any questions.

mkeeler
Member
1
mkeeler
December 22, 2015 9:38 pm

go back to their page and find out how to cancel. They claim to refund you for the newsletter at any time during the first year.

Toni Nicholas
Guest
0
January 28, 2016 6:23 pm

Just making a point here – the whole life insurance policy and method is legitimate only from a mutually owned company. Even many agents don’t realize that fact, unfortunately. The marketing methods I’m reading about and watched, however, is what’s questionable. Don’t forget, the government HIGHLY regulates what Licensed people can say, advertise, and/or convey how this legitimate method works. So, yes, you sometimes see some extremely creative ways to get people interested. I’m not saying I agree with their marketing methods, but if it helps spread the word, hey, more power to them!

Dan Murphy, LUTCF, PFS
Guest
0
June 16, 2015 9:00 pm
770 Plans are not for everyone. In fact, if you are 70 and above or in poor health, other investments like annuities, CDs or index Funds are probably a better option. Be mindful, 770 Plans are not a replacement for IRA, 401K or 403B but rather a means that enables you to fund well above the IRS set limits for those tax qualified plans. If you’ve maxed out your retirement plans or want to diversify your retirement plan, then 770 Plans are a good fit. 770 Plans are Life insurance policies plain and simple. And Life Insurance requires underwriting. Poor… Read more »
frederick frank
Guest
0
June 22, 2015 9:42 am

I am interested in The Babylonian Money Code etc reports

Eric O'Connor
Guest
0
June 29, 2015 5:27 pm
I’m not a big fan of creating trendy names for things. We’re talking about Dividend Paying Whole Life Insurance. Creating trendy names creates confusion and quite possibly suspicion that ultimately devalues the product. It could also be misconstrued as a sign of desperation. The reality is that there is a war against Dividend Paying Whole Life Insurance. It’s really good stuff that not only puts you in control of your money but also creates an atmosphere for real wealth generation. This conservative strategy is unmatched by any other conservative strategy, and it also matches and/or outperforms some of the more… Read more »
Toni Nicholas
Guest
0
January 28, 2016 6:30 pm

HEY YOU! I have gone to the IBC Seminar myself, just not an official practitioner yet… Yes, it does work! Go Eric! If you’d like to visit my blog and leave some comments there as well, it’s: http://BuildPassiveIncomeandWealth.com.

Tina
Guest
0
Tina
July 19, 2015 4:46 am

Thank you Eric! I will definitely look into your site.

PETRA
Guest
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PETRA
August 10, 2015 11:13 pm
I can’t make heads or tails of this discussion. I paid for years on a whole life policy for my daughter. It was not expensive since she was in her teens and in perfect health when I bought it. It was from one of the top 5 mutual companies. Rather than receive the dividend or have it go toward purchasing additional insurance, the dividend was applied toward the premium each year. (The dividend almost always covered one of the quarterly payments with a few dollars left over.) My daughter became legal owner of the policy when she reached 21. None… Read more »
Nirmala Devaprasad
Guest
0
September 6, 2015 6:06 pm

Hello Petra,
Wish you had kept it or let the premium pay for itself..until she was much older.. or if you had paid the premium in early years you would have accumulated the cash value and the dividends. I am sorry for your loss.. that is why they say knowledge is powerful
I pay for a whole insurance only $8/month and the face value was $5k. have paid for about 40 yrs that is 96/yrx40=3840 and now including the dividend it is worth about 30k.and still growing.

nimi

realist
Guest
0
realist
September 1, 2015 4:48 pm

Looks like they’re changing the number. they’re now calling them “702 accounts”

Saw this ad on Google:
Are “702 Accounts” Safe? – PalmBeachGroup.com‎
Adwww.palmbeachgroup.com/‎
Read the truth about “702” & “770” accounts before you move your money
Palm Beach Research Group has 168 followers on Google+

American Spirit
Guest
0
American Spirit
September 12, 2015 5:47 pm
We all know there are “secret” savings and other bank accounts which are available to anyone who walks in and ask for the account by name. However, if you are without the name, you most likely will not get the account unless, that is, you are a depositor of large amounts and then the info freely flows thus helping to build a world inside America for the ELITISTS only. While we are happy for these people that lady luck always shined her happy smile upon them, many of us through no fault of our own and not because of bad… Read more »
Steve
Guest
0
Steve
October 13, 2015 3:57 pm

What are some of the names of these accounts that you can ask for at the bank that will give you larger returns, without buying life ins.?

Marlon Jackson
Guest
0
Marlon Jackson
October 2, 2015 8:20 am

Where are these accounts opened the 770 or 702 plan or account?

Kevin
Guest
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Kevin
October 12, 2015 11:16 pm
I have recently retired from the federal govt….I have a sizable 401K balance that I want to invest and generate 4% to 5%, to supplement my Gov retirement. I have met with a dozen financial planners in the San Diego area and have not found one yet that can meet my goal. My current plan is to slowly migrate the money in $50K annul increments into an existing ROTH IRA., which would eventually leave me with a tax free income stream that I will be able to leave to family members tax free. I realize I will be paying tax… Read more »
Steve
Guest
0
Steve
October 13, 2015 3:58 pm

You can not put $50,000 a year into a Roth Account!

jesse perkins
Guest
0
October 14, 2015 1:01 am

Kevin:
If you find a solution, be sure and post it. Either that or email me. I’m a little older.

Thanks !

arshus
Member
4
arshus
October 15, 2015 9:26 pm
Kevin, there is nothing wrong with your plan – that is assuming you can transfer $50k a year into a ROTH IRA. Could you do better in a non-risk environment using the – so called – 770 account? Maybe. Here is what I propose: Send me some more basic information about your plans, your age and health, and I will run some scenarios using a “participant whole life insurance” the way banks use it, and I will be straightforward with you. What is the worst thing that can happen? That you will lose 3 minutes of your time sending me… Read more »
Arthur Stevenson
Guest
0
Arthur Stevenson
October 31, 2015 9:00 pm

Checking on the internet I find that this is an insurance policy in reality. I am well covered in this area. I t should be mentioned in your promotion. I am not interested. If I am signed up for a letter or something please cancel.

Thanking you in advance
Arthur Stevenson

John Carpenter
Guest
0
John Carpenter
November 1, 2015 8:32 pm

After careful perusal, I have come to the conclusion that this thing is exactly like the investment in AT&T stock. This stock has a 5.5% rate of return if bought regularly over a period of time. It is extremely safe as it would take all the banks to fail before this company might fail.

W Mitchel
Guest
0
W Mitchel
November 5, 2015 11:44 pm

Could someone explain how the “paid up additions” rider works? Mitchline007

Chris pitcher
Guest
0
Chris pitcher
November 13, 2015 12:53 pm

Please send me a free special report as well of the “The Secret Investment Account”.

amdeist1
Member
1
amdeist1
December 6, 2015 5:11 pm
Life insurance with a cash value is a way of saving so long as you live to enjoy those savings. The problem with any type of cash value life insurance is that if you die, the company keeps the savings and pays out the policy value. If you have $100,000 in insurance and $20,000 in cash value, if you die, the company pays your beneficiary $100,000 and keeps the $20,000 in cash value. That is why term is a much better deal. I sold a term policy to a couple and took the difference from their $50,000 Universal Premium life… Read more »
Harold Kinney
Guest
0
Harold Kinney
December 6, 2015 8:58 pm

$20,000 is the portion of the $100,000 death benefit that has vested before death. The insurance company doesn’t “keep” anything when paying a death claim. A world-class investor can often beat index investing; for the rest of us, DALBAR has shown that a whole life policy historically has matched or exceeded the return from investing in a index, but without the volatility and risk. Whole life is a core holding; surplus funds that you can afford to lose should be used for prudent investing.

marty
Guest
0
marty
December 25, 2015 11:29 am
H. Kinney, this argument has gone on for years. A.L. Williams made a fortune advocating just what amdiest1 is talking about. It seems to me that when you sell the whole life policy your insurance company is taking the money and “investing”, just as you would do as an individual. THAT is the term life argument in my humble opinion. It makes perfect sense to me. Of course, most whole life advocates sell on the presumption that people do not have the discipline to invest. Maybe they are right. It seems to me that neither is wrong.
amdeist1
Member
1
amdeist1
December 25, 2015 3:23 pm
I beg to disagree with you Harold, but if you buy a 20 year term policy and end up saving $20,000 in a bank or credit union, and you die in the fifteenth year then your beneficiaries get the $100,000 and still have $20,000 in the bank or credit union. By my math, that is $120,000 of spendable cash. On the other hand if you buy a $100,000 whole life, universal life or variable life policy and have $20,000 in cash value and die in the fifteenth year of the policy, your beneficiaries will have $100,000 of spendable cash. A… Read more »
Harold Kinney
Guest
0
Harold Kinney
December 25, 2015 3:42 pm

Term insurance is temporary insurance; whole life is permanent. In your example, the beneficiaries have about a 96% chance of receiving only $20,000, because only 4% of term policies are still in effect when the insured person dies. Trying to achieve the $120,000 figure is a gamble with very bad odds. That does not sound like a financial plan to me.

Toni Nicholas
Guest
0
January 28, 2016 6:44 pm

ahh.. but what if you don’t die before your term policy expires? What then, oh wise one? Let’s see if a fourth grade student can figure that one out.

arshus
Member
4
arshus
July 28, 2016 10:17 pm

With a properly structured life insurance, the death benefit portion will grow every year. So in your example, if you already accumulated $20,000 in cash value, then the death benefit will grow by more than $20,000, so at the end of the day, you will receive more than $120,000 – tax-free.

frank m lawrence
Guest
0
frank m lawrence
December 29, 2015 2:25 pm

hi folks , i’m in the 95.00 dollar camp . how ever , i got a credit from “psalm beach ” and for a laugh , the gal i spoke with acted suprised when i asked for the refund as though i was the only person who had asked for a refund . HO HO HO !!

Toni Nicholas
Guest
0
January 28, 2016 6:48 pm

Nice Blog! I just joined and hope to keep up!

diva1
Irregular
7
diva1
February 26, 2016 4:04 pm
I have a dear friend who cannot manage money. She trusts every scam artist and has lost millions of inherited money. She’s down to her last million, half of that liquid, at age 52. She has IRS problems and legal problems from some of the complicated financial transactions that she invested in and didn’t understand. I am strongly urging her to buy a whole life dividend policy for reasons that haven’t been discussed here. The IRS can’t touch a life insurance policy, and it also almost always has immunity in bankruptcy or legal settlements. No one can put a lien… Read more »
Larry Williams
Guest
0
Larry Williams
February 27, 2016 11:00 am
The Internal Revenue Service can indeed “touch” a life insurance policy under certain circumstances, as a general rule. The cash surrender value of a whole life insurance policy is “property” of the taxpayer for purposes of the Internal Revenue Code. If a Federal tax lien has come into effect, the tax lien will indeed cover the cash surrender value. Indeed, the lien will generally apply to the cash surrender value even if the policy was purchased after the lien came into effect. Further, an IRS levy on (i.e., actual seizure of) the cash surrender value is covered under Internal Revenue… Read more »
mongoose0614
Irregular
1
mongoose0614
May 30, 2016 10:32 am
WTF????? You are misguiding her in a large way. Number one….you are not a professional and are providing legal and investment advice. You will be sued to high heaven with your advice. Number 2…. The state precedents determine what type of investments are protected from creditors and predators. In my home state Life CV%DB, annuity, pensions, IRA and primary residents are protected. Number 3… The IRS is neither a creditor or a predator and any movement of money with a known liability will be looked at as possible intent to defraud. The surrender charge alone will force a loss of… Read more »
Larry Williams
Guest
0
Larry Williams
May 30, 2016 8:30 pm
Dear mongoose: You don’t know what you are talking about. First, am both an attorney and a certified public accountant. No, state precedents do NOT determine what type of investments are protected from Federal tax liens — and the word is “lien”, not “lein.” In your home state, a “levy on an organization with respect to a life insurance or endowment contract issued by such organization [life insurance company] shall, without necessity for the surrender of the contract document, constitute a demand by the Secretary [of the Treasury or his delegate, i.e., the IRS] for payment of the amount described… Read more »
Larry Williams
Guest
0
Larry Williams
May 30, 2016 8:52 pm
I find it amusing that “mongoose” impliedly claimed to understand something as mind-numbingly complex as the scope of the U.S. Federal tax lien and the power of the IRS to levy on the cash value of a whole life insurance policy — and yet was obviously unaware that state law exemption statutes and state law precedents do not restrict the legal power of the IRS to levy on a cash value, which is instead governed by section 6332. Life insurance companies are certainly well aware of section 6332. See, e.g., United States v. Prudential Ins. Co. of America, 461 F.2d… Read more »
Larry Williams
Guest
0
Larry Williams
May 30, 2016 9:07 pm
Oh, another thing, mongoose: You are actually correct when you say that a movement of money (in an attempt to defeat the IRS or another creditor) could be viewed as evidence of intent to defraud, and that the surrender charge alone would force a loss of principal of the cash value. However, YOU are the one who brought up those issues, not me. I have been representing taxpayers (and advising other attorneys) in dealings with the Internal Revenue Service — particularly with respect to bankruptcy — for over 25 years. I’ve been licensed as an attorney for 27 years, and… Read more »
mongoose0614
Irregular
1
mongoose0614
May 31, 2016 7:52 am

You misunderstood me. Creditor and predator laws vary by state.
IRS trumps all. It cannot be “set aside” for protection. http://www.assetprotectionsociety.org/wp-content/uploads/2013/07/50-State-Creditor-Exempt-Asset-Chart-2013.pdf
Inherited IRA’s are where the battle ground is now.
There are ways to protect assets with certain vehicles but none work for the IRS.
What I said was completely correct in regards to creditor and predator laws.
I also love grammar Nazis

mongoose0614
Irregular
1
mongoose0614
May 31, 2016 7:54 am

You misunderstood me. Creditor and predator laws vary by state. I also wasnt commenting on your post but the one with the friend…….not you.
IRS trumps all. It cannot be “set aside” for protection. http://www.assetprotectionsociety.org/wp-content/uploads/2013/07/50-State-Creditor-Exempt-Asset-Chart-2013.pdf
Inherited IRA’s are were the latest battleground on this
There are ways to protect assets with certain vehicles but none work for the IRS.
What I said was completely correct in regards to creditor and predator laws.
I also love grammar Nazis.

Larry Williams
Guest
0
Larry Williams
May 31, 2016 10:49 am
Dear Mongoose: I can’t seem to find a “reply” button for your May 31 post, but I’ll try this (so, I’m not sure where this will show up in this sub-thread). First of all, your May 31 responsive post is right under my post, at least on my computer screen. Neither Diva’s “friend” — nor anyone else except you and me — has posted anything in this sub-thread. So, I don’t know what post you were responding to, other than mine. Second, I haven’t commented on your grammar. I commented on your erroneous spelling of the word “lien.” Granted, everyone… Read more »
investor101
Irregular
14
July 3, 2016 5:41 pm

Thank you, Larry you are so very correct! Let’s remember we are dealing with government. Yes, the IRS can take the cash value of the life insurance, we had that happen to my husband in Louisiana. AND they can pretty much do as they please. If we go digital completely, I hate to see what is really going to happen to all of us! Thanks for your professional insights!

Robin
Guest
0
April 14, 2016 9:17 am

It’s a secure discussion forum where you can develop or get involved in support system and also discussions regarding health topics that interest you.

Leslie
Guest
0
Leslie
June 28, 2016 7:59 pm

Why. .. What??? Who???

thegreatergood
Irregular
3
thegreatergood
July 28, 2016 5:54 pm
I have subscribed to the “Palm Beach Letter” for 2 years and am pleased with it. I initially subscribed for this specific teaser (Babylonian Money Code / 770 account) and have opened an BOY / IFL account and it works as advertised. Check out Nelson Nash’s book, “Bank on Yourself”. Its an easy read and spells it out clearly and concisely. Be mindful that this is not an ordinary whole life insurance policy and has to be set up properly and most insurance agents are not familiar with this type of policy, regarding the specific riders needed. I don’t consider… Read more »
arshus
Member
4
arshus
July 28, 2016 8:57 pm

I think the book you were referring is “Becoming Your Own Banker”, by R Nelson Nash. “Bank on Yourself” is another book written by Pamela Yellen. It is a great concept for sure, but many life insurance agents take advantage of this great strategy to sell *not so good* policies in order to earn a bigger commission.

wpDiscuz