How much will you donate to the government when you die?

How much do you want to donate to the government when you die?

Is your savings account earning you 2% or more?

Two silly questions but if you leave money in a savings account, you will donate to the government when you die even before your heirs get one single cent.  

The average interest rate being paid by a savings account today is less than a quarter of a percent.

If you deposited $5,000 in a savings account that paid 1/4% APR you would have about $5063 at the end of 6 years (assuming  the rate didn't decrease over that time).  If that $5,000 account gets caught up in the estate, it could be reduced by any taxes owed by the estate.

EXAMPLE 1

If a 35 year old woman in good health who does not use tobacco deposited that same $5,000 in a single pay life policy, her cash value at the end of 6 years would be $5,130 (twice the earnings from the average saving account).  Plus, if she died during that 6 year period her heirs would receive $14,470 (nearly three times the deposit amount).  The proceeds at death are paid directly to your designated heirs (tax free) and the government is left out of the loop.  If you need the cash you can cancel the policy and withdraw the cash value at the time you cancel ($5,130 at the end of year 6).

EXAMPLE 2

If a man age 65 in good health wanted to donate an sizable amount to his church but retain control of the funds in case he needed them, he could buy a single pay life policy for $51,949 with a death benefit of $100,000.  When he passes the church gets nearly twice his original donation, but if he needed to use the cash for an emergency it could be withdrawn.

EXAMPLE 3

A woman age 45 in good health inherits a $60,000 CD from the estate of her mother.  She wants to pass that on to her children but there are 3 of them and they are very young.  She can deposit the $6,000 in a single pay life policy and capture a $250,000 death benefit for her children, but if she needed to use the cash for an emergency it could be withdrawn.

 

If you are under age 84 and in reasonable good health, then let me talk to you about making more with your money or at least not giving it to Uncle Sam.

New beginning, for an old dude!

At the start of each year we all kind of take stock.  I look back at what I've accomplished, and what I failed to accomplish.  I also look forward at what needs to change and what I want to make better in my life.  We all do that to some degree, don't we?

Sometimes it's more a function of what really works and what is most practical.  My friend Else sent me this week's picture.  Her friends all had their iphones with their Otterboxes to protect them in the rain and she has a nondescript phone in a ziplock baggy!  We joked about it being a redneck Otterbox but in truth it is a wise use of her resources for a tool that will be out dated before she can graduate college and find a job that will pay her enough to afford the iphone in the first place.  That's sort of what I've done this new year.

I left the insurance agency I was with to join one that will offer me greater opportunity to help people find the right policy for the right price.  I now have 20 or 30 different companies to write insurance through, not just one.  So now I can focus in on what a person needs not what I can insure ('cause now I can insure it all).

Life insurance, commercial policies, homeowners, auto policies ... coal trucks, restaurants  homes, antique autos, and just about anyone's life.  Better products, better prices, and most importantly better coverage.  

Yes this year I'm making the best use of my resources and I'm using those resources to help my friends and family insure the things they own.  So, call me for you insurance needs at 812-384-3575 for my Bloomfield office or 812-847-8141 to reach my Linton office.

I hope your new year inspires you to make the most of what you've got and perhaps create a unique style all your own.  See you soon!

Life insurance is more important than any other type of policy, let's talk about why!

How to fix your Church?

Our church just voted to spend a lot of money on remodeling the kitchen and updating our electrical service along with some other renovations that need to be done.  If you've ever been involved in a church project like this you know that from concept to completion you have a lot of different ideas and concerns to consider.   You see a church board listens to an idea and discusses it for a long time and the community may change it's mind about the project over a two year period.  Very often what some see as necessary others see as an extravagance and many folks will change their minds back an forth more than once based on new evidence or a different point of view.

However, more often than not the final decision will come down to one question ... can we afford it?  Even if the money is in the bank (and it usually isn't) people will ask that question.  All kinds of non profit look for ways to make sure they have enough money.  In a church we collect a weekly offering that helps pay the bills and we ask for special offering to fund projects like the one we are doing now.  But imagine if the church decided to build a new kitchen and they had the money in the bank, how cool would that be?  Remove the question of how do we pay for it and you can focus on much bigger questions like ... "how can we use this new kitchen to glorify God and do his work her on earth?"  But how does a small town church acquire enough cash to do this kinds of projects?  Well there are many ways but the most common is Memorial gifting.

Giving a final gift at your passing or a give in memory of someone you love who has passed on is the best way for a church to fund construction, or mission work, or community services.  This can be land, autos, cash or life insurance proceeds.  As an insurance agent (and a guy without land) I like the idea of a life policy for the church.  If you are 40 years old and buy a 20 year return of premium life insurance policy to secure your gift to the church (with a death benefit of $100,000) then if you die before age 60 the church will get $100,000 (a poor substitute for all the tithes they will lose by your passing) but if you live to age 60 you set it up so the church will get $14,000 at that time or $37,000 when you do pass away.

A 35 year old man could pay $10 a week and not have to pay any more after 20 years.  This would give the church a $35,000 payment if you die plus the death benefit will increase year after year and at age 60 it would be $52,000.  There are a hundred examples of how to leave money but the bottom line is, no other method of giving back will pay the church a set figure no matter if you only made one month's payment to it!  You should speak to your insurance agent about this option ... I know I am going to!

J

I WON THE LOTTERY!!!

I CAN'T BELIEVE IT!  I don't even buy a ticket most weeks ... and I never check the numbers until days later! This is sooooo cooool !!!! I can't wait to claim it and buy something stupid!  Don't call me at work this week because I'm sooo over working and I'm totally out of ....

     GOT YOU!          Happy April Fools Day! 

Most folks don't know that the new years celebration in the late 1500's in France was a week long starting the last week of march and ending April 1st ... when this was changed by Gregorian monks around 1582 the bulk of the population forgot to check their facebook accounts for several years and didn't get the word that New Years was now only one day and on January the 1st!  So those in the know would play jokes on the "fools" that didn't know!

This good to know info may or may not be true and was brought to you buy your favorite insurance agent in Greene County Indiana - no it's me Jason!