Not Your Average Financial Podcast™

Episode 199: Buy. Borrow. Die. …Pay Zero in Tax?

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In this episode, we ask:

  • How do the .001% navigate their taxes legally?
  • What about the ProPublica report?
  • How do they legally pay a tiny fraction of their fortunes in taxes?
  • What was your reaction to this news?
  • As your income rises, do you pay more in taxes?
  • Under current law, what is the highest tax bracket?
  • What do the ultra high net worth pay?
  • How is wealth different from income?
  • What will you pay in tax?
  • What about loans?
  • What about paying back loans?
  • What about collateral?
  • Do you have a pen and paper?
  • What about buying assets?
  • What about a home?
  • Does your house have an ATM attached?
  • When do you pay tax on an asset?
  • What about borrowing money?
  • Do you pay a tax when you borrow?
  • What are the tax advantages of debt?
  • What about interest?
  • What happens to wealth at death (when you die)?
  • What about tax on death benefits for life insurance?
  • What is the big divide?
  • What about the asset side?
  • What’s the caveat?
  • What happened in 2013?
  • What about buying with after tax dollars?
  • What about the step-up in basis?
  • What about the $1 salary?
  • What about Bank on Yourself®?
  • What is premium?
  • What is cash value?
  • What is death benefit?
  • What about buying premium?
  • What about borrowing cash value?
  • What about when you die, giving your death benefit to your beneficiary?
  • What about tax with life insurance?
  • What about strategies like bonus depreciation?
  • What about rental income?
  • What about not issuing dividends?
  • What about dividends in life insurance?
  • What is a refund of premium?
  • What about the option for purchasing PUAs with dividends?
  • Are you able to receive the dividend as a check?
  • When will tax be due?
  • What grows forever?
  • When do markets crash?
  • What about the generosity of a banker?
  • What if stocks go down?
  • What about living on stocks?
  • What about a margin call?
  • Could you come up with the money you need?
  • What about the cost of borrowing against the assets?
  • What about liquidating?
  • What about fixed income assets?
  • What about improvement of projections?
  • What happens if interest rates rise?
  • What about building up significant cash value?
  • What about income tax?
  • What about estate tax?
  • Who needs a trust?
  • Who needs an attorney?
  • What is the estate tax threshold under current law?
  • What reduces the death benefit?
  • What happens with unpaid policy loans?
  • Are death benefits taxable?
  • Are gains taxable?
  • What about an example?
  • What questions do you have?
  • What about beneficiaries?
  • What about teaching your children?
  • What about Mark’s mom?
  • Would you like to meet with Mark Willis, CFP® to discuss your specifics?

    •  

    The topics presented in this podcast are for general information only and not for the purposes of providing legal, accounting or investing advice.

    On such tax matters, please consult a CPA professional who knows your specific situation.

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