We’ve been incorporating more life insurance planning in our practice. Already done a couple LIRPs...my question to top earning FAs, being as though LIRPS are for high earners, do you do the same?

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I dont do one myself. 18000 into 401k pre tax. 10000 into 401k after tax then convert to Roth. 5500 for me and the wife into nondeductible IRA which can also be converted to Roth. This is before matches and LP. Why pay for the insurance?

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I would guess it's more for someone who doesn't have access to a 401k

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Candidly I’ve never seen them really work. The best designed and executed plan always leaves a readily accessible pot of money to draw from without any tax consequences. It ends up being the clients piggy bank and they usually blow it up.

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Honestly I’m not planning to take out loans (distributions) in the future against my own life policy because I plan to not need the additional income later in life.

An ILIT could make better sense for most of us but with the estate tax exemption set so high (now), that’s not as much worry.

I agree with the previous posting. LIRPs are there for a certain client who basically wants to step back and through making less sometime off in the future wants to supplement their regular reoccurring income.

But for most advisors, that’s just not what we do unless you’re planning for an early exit and have limited income at that point.

I would never buy a LIRP. But just my 2 cents.

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If you can backdoor a Roth.... no reason for a LIRP. JMO.

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Brokerage acct cap gains rate is low. Brokerage accts allow loans without internals of a lirp. Tough to ever do a lirp in my opinion (they may have their place, I haven’t found it after doing cost benefit analysis)

smart

What life insurance product did you use?
Also, the liquidity within a life ins contact is quite appealing to a business owner. IMO, 401k’s, IRA’s etc are awesome but 2 major handcuffs apply: you can’t touch the money until 59.5 and the growth cycle shouldn’t be interrupted because it can really deter future growth. Neither apply to life insurance. Find a good 10 pay whole life contact and run some hypotheticals. After 10 years the monies free and clear.

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They were both for restaurant owners who intended to use as piggy bank mostly since have sufficient coverage and virtually debt free

Ah ha. That’s a nice fit then. Good job!

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