written by reader The “Secret” 770 Account

By bfchmv, May 31, 2013

I just read a very provocative teaser (aren’t they all, though?) from Tom Dyson in his Palm Beach Letter. It talked about a ”secret” 770 Account that is taken advantage of by a huge list of the very wealthy, not to mention by banks and other financial institutions, This 770 Account gives a steady 5%interest, plus you can access your money at any time, ……and it is all tax free!! ….under the radar, so to speak. Travis, could you please enlighten us poor peons to this fabulous deal?

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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sibyl autenLynn Clark, Stock GumshoeJohn RennaEdgarMacksmart Recent comment authors

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Annette
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Annette

I just heard about this. I’m past 70 and need to retire, but don’t feel secure in doing so. Is this something that would benefit someone my age? I thought about trying to put in a small amount, maybe $2000 to see how it works. Do I have to pay a premium each month like insurance? How long do you need to keep the money in before you could draw it out if you weren’t satisfied?

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Edgar
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Annete, To answer your questions. Would you be able to benefit? It depends in many factors. You will have to talk with somebody that is very familiar with this type of account and won’t be just trying to push a sale, but will truly look into your situation and will give you the best advise. It may still apply, but you may have to do it in a different way. I will give you an example – I just had a client who is 68 buying one of these “770 accounts”. He didn’t have the time to build his policy… Read More »

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Edgar
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I forgot to answer your last question: You have a 20 day “free look” – if for any reason, you don’t like the policy, you can cancel without paying penalties. You will get all your money back.

Paul
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Paul

Edgar, I would like to know who in my area handles these accounts and also I would like more detailed info. Your example above on the person who wanted to skip the monthly premiums and invested 500,000 dollars left to many open questions. Try this one please. Let’s say someone wants to do the same thing; what is the least amount of money one can invest to skip the monthly premiums and how long before they start seeing a turnaround like you showed above (800,000 dollars) or course not 800,000 but what would be the equivalent and in what time… Read More »

Edgar Arceo
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Paul, The turnaround was not 800,000 on my example. That was the Death Benefit you will receive. The turnaround on year 2.5 was that he was going to have the $500k he initially put in, and after that point on, his money was going to grow (tax deferred) at a 4%+ rate. You are right, this system is not that simple. Is not like putting money into an account and done, it needs more commitment on your part etc. If you want to just do ONE single premium, then you can do as little as $10k if you want. Now… Read More »

jules
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jules

Thanks

Macksmart
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Macksmart

Paul. Did you notice that whenever someone asks Edgar about “investing” a small amount to get started with this “plan”, he jump to the story of the man who puts $500,000 in for starters. Edgar is looking to make a lot of money and then go away. BEWARE!

cristiano ferreira
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cristiano ferreira

I deed some info on that please!!

Lynn Clark, Stock Gumshoe
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R.M. Afflitto
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R.M. Afflitto

Yes I would like to read the letter you mentioned regarding all of the questions about the “770” account and what it truly is. I am 67 years old and I am in no way interested in anything but “safe” investments. Is this something that is FDIC insured? Truly tax-free?

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Valerie house
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Valerie house

I also would like for you to tell me of someone in my area who handle these account.Los Angeles Ca 90002

Richardavalone
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Richardavalone

I have just been thru a very traumatic half million dollar divorce. So at 78 I now have half of what I expected to be living on in my retirement. Is the 770 worth investing in so I can rebuild my assets get a dividend and move on?
Am I too old for this sure thing investment?
Father died at 77, brother at just 78. Mother at 98, but severe Alzheimer’s s last six years.
So statistically do I have time to invest and reap the benefits?
Richvalone@yahoo.com

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Macksmart
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Macksmart

I don’t know who this Edgar fellow is, or what country he’s operating from. But, he’s dabbling in insurance and investments, two instruments that are governed by Federal laws in the United States. He is approaching the rim of the Blue Sky laws: painting a pretty picture while just pulling numbers out of thin air. Buyers beware! Edgars grammar isn’t any better than his logic. There’s no free lunch anymore. If it sounds too good to be true, it probably is. Ask your CPA. He/she has nothing to gain by telling you to jump in like he might be getting… Read More »

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Lynn Clark, Stock Gumshoe
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The Stock Gumshoe article about the 770 account is here: http://www.stockgumshoe.com/reviews/palm-beach-letter/secret-770-account-or-the-presidents-account-explained/

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Edgar
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Edgar

Macksmart has made some very serious accusations against me. The Bible teaches us: “Answer not a [self-confident] fool according to his folly, lest you also be like him. ” Proverbs 26:4 It reminds of me of the Pharisees in Jesus’ times. They thought they knew it all, and nobody could teach them anything. Jesus didn’t respond to them, but instead He shared the Truth with the people who were open and willing to receive it. This is a public blog, so there are people who may be open to receiving the truth. This is not a “get rich quick” thing.… Read More »

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John Renna
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John Renna

I would like to find out where I can investigate these 770 accounts. I live in East Northport on Long Island. Are the dividends able to be re-invested into the account? Thanks

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Lynn Clark, Stock Gumshoe
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Hi John-
They’re talking about whole-life insurance. We’ve covered that topic in depth here: http://www.stockgumshoe.com/reviews/palm-beach-letter/secret-770-account-or-the-presidents-account-explained/
I hope that helps!

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sibyl auten
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sibyl auten

My colleagues were looking for PS 3801 earlier today and were informed about an online platform that hosts a lot of fillable forms . If others are searching for PS 3801 too , here’s https://goo.gl/pDl8uZ