The Money Advantage Podcast

How to Use Whole Life Insurance Tax Strategies to Fund Your Legacy

12 snips
Aug 18, 2025
Discover the hidden power of whole life insurance tax strategies that can truly transform your financial legacy. Learn how business owners and regular employees can optimize their tax savings and redirect funds into wealth-building vehicles. Explore unique strategies like employing your kids and utilizing real estate depreciation alongside whole life policies. This insightful discussion reveals practical ways to rethink your financial approach and emphasizes the importance of intentional wealth creation for future generations.
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INSIGHT

Tax Code Is A Behavior Roadmap

  • The tax code is a set of incentives designed to direct behavior, not merely a penalty system.
  • Viewing taxes as incentives reveals legal ways to reduce tax burden and reallocate savings into wealth-building tools.
ANECDOTE

Four Banks On One Corner

  • Bruce noticed four bank branches at a busy intersection and used it to illustrate banks' profitability.
  • He contrasted bank profitability to using life insurance companies as private banking alternatives.
ADVICE

Start Simple To Access Business Deductions

  • Start a simple business to access business tax rules and deductions even as a sole proprietor.
  • Deduct legitimate business expenses like home office, phone, and utilities to lower taxable income and fund insurance premiums.
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