Tuesday, May 30, 2017

Section 79 by Lance Wallach, expert witness.

For businesses with 10 or fewer employees, the law prohibits full medical underwriting of the policies that are issued ("group" underwriting is required, which is much more risky for an insurance company).

Beginning this article, I wanted to reiterate my comments on implementing plans with fewer than 10 employees.

Amazingly, one of the insurance companies offering this plan seemly doesn't have the ability to issue non-medical underwriting policies. This is laughable and pathetic all at the same time, and a plan you'll want to stay far away from.

As I briefly alluded to in my previous article, one of the reasons I really do not like Section 79 plans is that they basically force employers and those helping them set up Section 79 plans to lie to the employees when implementing the plan.

Non-discrimination

Section 79 plans are employee benefits plans. As such, employers are not supposed to discriminate in favor of key employees or business owners.

As you know, Section 79 plans are implemented so business owners can take a business deduction for the purchase of an individually owned life insurance policy that the owner can borrow from tax free in retirement.

It sounds great until you break down the math and understand that a client would be better off paying taxes on his/her money, taking it home, and funding a good cash value life policy rather than the low cash accumulation Section 79 Plan policy.

Notwithstanding the math behind Section 79 plans, let's talk about the benefits for employees. The employee owner is going to buy a "permanent" policy that will carry cash and can be borrowed from tax free in retirement.

That same policy must be offered to all employees. If that actually happened in a full-disclosure manner, virtually all the employees would opt for the same permanent policy; and if that happened, the finances of the plan would really go out the window because of the tremendous costs for the employees.

How do you "work around" this issue?

The work around of this issue is a bit clever and deceptive. The employees will be scared into voluntarily opting for $50,000 of term insurance instead of the full-benefit policy (term or permanent).

Why would an employee opt for $50,000 in term instead of a policy with several hundred thousands of dollars or even millions of dollars in death benefits? Because employees who are provided death benefits by an employer in excess of $50,000 are taxed on the additional benefit on an annual basis (and it increases every year).
beginning this article, I wanted to reiterate my comments on implementing plans with fewer than 10 employees

Group underwriting for businesses of 10 employees or less

For businesses with 10 or fewer employees, the law prohibits full medical underwriting of the policies that are issued ("group" underwriting is required, which is much more risky for an insurance company). Amazingly, one of the insurance companies offering this plan seemly doesn't have the ability to issue non-medical underwriting policies. This is laughable and pathetic all at the same time, and a plan you'll want to stay far away from.

As I briefly alluded to in my previous article, one of the reasons I really do not like Section 79 plans is that they basically force employers and those helping them set up Section 79 plans to lie to the employees when implementing the plan.

Non-discrimination

Section 79 plans are employee benefits plans. As such, employers are not supposed to discriminate in favor of key employees or business owners.

As you know, Section 79 plans are implemented so business owners can take a business deduction for the purchase of an individually owned life insurance policy that the owner can borrow from tax free in retirement.

It sounds great until you break down the math and understand that a client would be better off paying taxes on his/her money, taking it home, and funding a good cash value life policy rather than the low cash accumulation Section 79 Plan policy.

Notwithstanding the math behind Section 79 plans, let's talk about the benefits for employees. The employee owner is going to buy a "permanent" policy that will carry cash and can be borrowed from tax free in retirement.

That same policy must be offered to all employees. If that actually happened in a full-disclosure manner, virtually all the employees would opt for the same permanent policy; and if that happened, the finances of the plan would really go out the window because of the tremendous costs for the employees.

How do you "work around" this issue?

The work around of this issue is a bit clever and deceptive. The employees will be scared into voluntarily opting for $50,000 of term insurance instead of the full-benefit policy (term or permanent).

Why would an employee opt for $50,000 in term instead of a policy with several hundred thousands of dollars or even millions of dollars in death benefits? Because employees who are provided death benefits by an employer in excess of $50,000 are taxed on the additional benefit on an annual basis (and it increases every year).
Roccy is a good man and the author of the above article. I did not copy the entire article. I only copied the first page. Roccy D is a very smart man who is aware of the problems with abusive tax shelters including 412i 419 and the new abusive section 79 plans. It seems that over the years he and I have attacked abusive 419 and 412i plans, while everyone else was selling them. Now he and I are warning about section 79 scams.

As an expert witness Lance Wallach's side has never lost a case. People need to be careful of 419 Welfare Benefit Plans, 412i plans, Section 79 plans and Captive Insurance Plans. Most of these plans are sold by insurance agents. If you are in an abusive, listed or similar transaction plan you need to file under IRS 6707a. The participant files form 8886, and the salesmen or accountant who signs the tax returns files form 8918 if they got paid over $10,000. They are called Material Advisors and face a minimum $100,000 fine. Some plans are offshore which could involve FBAR or OVDI filings. If you have money overseas you probably need to file for IRS tax amnesty. If you want to reduce the tax we suggest that you first file and then opt out. For more information Google Lance Wallach.

The information provided herein is not intended as legal, accounting, financial or any type of advice for any specific individual or other entity. You should contact an appropriate professional for any such advice.

27 comments:

  1. google lance wallach for help
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  2. google lance wallach for help
    Did you know the lawsuit industry is $233 billion dollars strong in the USA?

    The number of lawsuits is rising, too. When economic times get tough, some people see a civil suit as an easy way to get rich. Lawsuits always target those who have money and not just big corporations, either.

    Small businesses, successful entrepreneurs, physicians and wealthy individuals all fall into the crosshairs of litigation lawyers. As every law student learns at some point: “commercial success spawns litigation.” Everyone wants their money.

    Fortunately, we’ve got some great solutions for you (and one solution offers a way to turbo-charge your investment profits). So whether you are just beginning your journey to personal financial freedom or you’ve af the money.

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  3. CPAnet Forum: IRS audits section 79 419 412i CPA fines www ...

    https://plus.google.com/103938929810143210738/.../8i5Urg4b...‎
    Lance Wallach
    19 hours ago - CPAnet Forum: IRS audits section 79 419 412i CPA fines www.cpanet.com/cpa_forum/forum_posts.asp?TID=44951‎ Jul 18, 2012 - 3 posts - ‎1 author. IRS audits ...
    Winter 2010 IRS Attacks Business Owners in 419, 412, Section 79 ...

    https://plus.google.com/.../posts/bKoWrP3Pc3p‎
    Lance Wallach
    2 mins ago - insurance or Section 79 plans are in big trouble. In recent years, the IRS has identified many of these arrangements as abusive devices to funnel tax deductible ...

    ReplyDelete
  4. section79 help with lance wallach section 79 insurance section 79 plan audits section 79 lawsuits

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    Replies
    1. Tired of innuendo from internet spammers? For REAL information about Section 79 plans, contact Business Planning Group at (888)545-2205 or visit our website at BusinessPlanningGroup.com/truth .

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  5. Lance Wallach
    Shared publicly - Mar 6, 2014
    #Lawsuits


    Section 79 Plans
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    Thursday, February 27, 2014

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  6. Lance Wallach
    49 have him in circles
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    Lance Wallach
    Shared publicly - Yesterday 2:17 PM

    The Truth Behind Section 79 Benefit Plans—I Can't Stand ...
    www.thewpi.org/?a=PG:1146‎
    What about Section 79 Plans? First, you can read my past few newsletters on Section 79 Plans by clicking here and looking for the newsletters from 7-14-08 and ...
    [PDF]
    Section 79 Employee Benefit Plans - The Wealth ...

    ReplyDelete
    Replies
    1. This comment has been removed by the author.

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    2. LANCE WALLACH, CLU, ChFC

      68 Keswick Lane

      Plainview, New York 11803

      Phone: (516) 938-5007 / 935-7346

      Fax: (516)938-6330

      Email: lawallach@aol.com



      ~ National Society of Accountants Speaker of the Year

      Education:

      · Baruch College (CUNY), Baruch College Graduate School
      · The American College – Chartered Financial Consultant (ChFC)
      · The American College – Chartered Life Underwriter (CLU)

      Guest Lecturer for:

      · Baruch College (Taxes on Tuesdays); Long Island University, C.W. Post Graduate School of Accountancy.

      · Speaker at more than 70 conventions yearly, including the annual national conventions of the American Association of Attorney Certified Public Accountants, National Society of Accountants, National Network of Estate Planning Attorneys, National Association of Tax Practitioners, National Association of Enrolled Agents, National Association of Health Underwriters, American Society of Pension Actuaries, Employee Benefits Expo, Health Insurance Underwriters, NAPFA, NAIFA, FPA, NABA, ALPFA, various state CPA societies, Tax Institutes, as well as medical and insurance conventions, before CLU Societies, CPA/Law Forums throughout the United States, and Estate Planning conventions.

      Lance Wallach, a member of the AICPA faculty of teaching professionals and an AICPA course developer, is a frequent and popular speaker on retirement plans, financial and estate planning, reducing health insurance costs, and tax-oriented strategies at accounting and financial planning conventions. He has authored numerous books including The Team Approach to Tax, Financial and Estate Planning by the AICPA and Wealth Preservation Planning by the National Society of Accountants. His newest books CPAs’ Guide to Life Insurance, and CPAs’ Guide to Federal and Estate Gift Taxation will be published this spring by Bisk CPEasy. Mr. Wallach writes for over fifty publications including AICPA Planner, Accounting Today, CPA Journal, Enrolled Agents Journal, Financial Planning, Registered Representative, Tax Practitioners Journal, CPA/Law Forum, Employee Benefit News, Health Underwriter, Advisor and the American Medical Association News. Mr. Wallach is listed in Who’s Who in Finance and Industry and has been featured on television and radio financial talk shows.
      • Associates throughout the United States •


      For more information visit:

      Lawyer4audits.com
      Taxaudit419.com
      Vebaplan.org
      Taxadvisorexpert.com
      Lancewallach.com

      Delete
  7. IRS tax relief firm, Lance Wallach, speaking
    Tuesday, March 11, 2014

    IRS tax relief firm, Lance Wallach, speaking: Help with Common IRS Problems: welfare benefit pla...
    IRS tax relief firm, Lance Wallach, speaking: Help with Common IRS Problems: welfare benefit pla...: Help with Common IRS Problems: welfare benefit plan 419 lawsuit audit www.vebapla... : welfare benefit plan 419 lawsuit audit www.vebaplan.c...



    in...
    6707A Penalties & 419 Plans Litigation: Court Case...
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    Get Sued! Article by financial expert and autho

    ReplyDelete
  8. 412i 419 sect 79 lawsuits audits www.lancewallach.com for help (plainview)


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    Trust" Lance Wallach will help fix the problems that people have that are or were in the plans.
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    The "Compass Welfare Benefit Plan"
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    Lance Wallach, www.taxaudit419.com will help you with these problems and more like section 79, captive insurance lawsuits and IRS audits. People in the section 79 plans 419 welfare benefit plans captive insurance and 412i pension plans are getting audited by the IRS and then they sue. Google Lance Wallach for help with this. If you need help Lance Wallach as an expert witness has never lost a case. You need help NOW.

    Customers of James Cunningham d/b/a Cunningham Financial or CFG Consulting LLC? We want to speak with you!
    IRS audits and lawsuits result from 419 412i captive insurance and section 79 plans. As an expert witness Lance Wallach has never lost a case.

    ReplyDelete
  9. Veba Health Care

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    Veba Health Care: Examination Guidelines - Organizational Requiremen...: 4.76.18.3.1.1 (06-21-2002) 1. Review the trust agreement, or other organizational document, and obtain answers to the following question...
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    Lance WallachJanuary 9, 2014 at 8:46 AM
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    Lance WallachMarch 20, 2014 at 7:05 AM
    6707A Penalties & 419 Plans Litigation
    412i, 419e plans litigation and IRS Audit Experts for abusive insurance based plans deemed reportable or listed transactions by the IRS.

    Friday, March 30, 2012

    Court CaseSea Nine Veba
    As an expert witness in this case the claims against Lance Wallach’s client was dismissed.

    ReplyDelete
  10. Raymond Ankner -Expected to be the biggest life insurance failure in Illinois
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    Wednesday, May 29, 2013

    Report: #1045981 Complaint Review: CJA Marketing

    CJA Marketing CJA and Associates Sold defective retirement plans costing us hundreds of thousands of dollars

    Beware Of This Company

    They are in big trouble with IRS and class action law suit pending.

    ReplyDelete
  11. Copyright (C) 2014
    Lawyer4Audits.com
    All rights reserved.
    California Enrolled Agent


    How to Get Fined $100,000 by the IRS and Lose Your
    License

    By Lance Wallach, CLU, ChFC and Ira Kaplan, Esq.,
    CPA, MBA

    Over the past decade, business owners have been
    overwhelmed by a plethora of arrangements designed to
    reduce the cost of providing employee benefits and taxes,
    while simultaneously increasing their own retirement
    savings. The solutions ranged from traditional pension and
    profit sharing plans to more advanced strategies.

    Some strategies, such as IRS Section 419 and 412(i)
    plans, used life insurance as vehicles to bring about
    benefits. Unfortunately, the high life insurance commissions
    (often 90% of the contribution, or more) fostered an
    environment that led to the marketing and selling of
    aggressive and noncompliant plans. Read More
    New and Bestselling
    AICPA CPE Self-Study Courses


    Avoiding Circular 230 Malpractice Traps and Common Abusive Small
    Business Hot Spots, by Sid Kess

    Author/Moderator: Lance Wallach, CLU, CHFC,

    Publisher: AICPA

    This course will enable the practitioner to better understand many of the abusive
    insurance and annuity-based products being marketed to your clients and how you
    can alleviate exposure to IRS scrutiny. Read More
    ----------------------------------------------------------------

    National Society of Accountants

    Captive Insurance and Other Tax Reduction Strategies – The Good, Bad,
    and Ugly

    By Lance Wallach

    Every accountant knows that increased cash flow and cost savings are critical for
    businesses in 2008. What is uncertain is the best path to re

    ReplyDelete
  12. Participated in a Sea Nine VEBA plan_Contact Lance Wallach

    Wednesday, January 8, 2014

    Financial Devastation for Clients in 419 Plans
    Some of you may remember the bad old days of using 419 welfare benefit plans to help business owners (and doctors specifically) take massive deductions where the money ultimately went into cash value life insurance. These plans were sold as a benefit plans, but they were really discriminatory deferred compensation plans in sheep’s clothing. For a while, there was a legitimate use of 419 plans with life insurance, but it didn’t take long for the industry to come crashing down due to the abuses that took place.

    Unfortunately, for many, the fallout from those who used 419 plans is still happening today. In the Jerald W. White v. Commissioner (April 2012) case, a doctor who took large deductions for 419 plan contributions lost his audit and ended up not only paying back taxes but also interest and penalties.

    What’s interesting about this case besides the reminder that bad tax structures can be financially devastating for clients is the discussion about back taxes and penalties. The defendant tried to get out of back taxes and penalties by stating that the deduction was based on reasonable cause and reliance on substantial authority for such deductions. The court pointed out that at no time did the doctor seek out independent counsel on the authority, and that the doctor relied on the promises of interested parties even though it was clear that the promises seemed too good to be true.
    As an expert witness Lance Wallachs side has never lost a case. He has won for both plaintiffs and defendants, but not on the same case, that is a joke. That is not a joke to most people that went into the bad 419 or 412i plans. They were audited, and then many tried to sue. When they used a lawyer who was learning on the job they would lose the lawsuit.

    ReplyDelete
  13. Section 79 Plans
    Your Best Resource for Section 79 Questions, Problems, Information
    516-938-5007

    You WILL Be Audited For Your Section 79 Plan

    Section 79 plans, listed transactions, reportable transactions, 419e, 412i, and captive insurance plans
    are all targets of IRS Auditors.

    Do you know the ins and outs of these plans enough to protect yourself or clients? We do, and we can help you
    too.

    You WILL be audited. It's just a matter of when. You need help and you need it now.

    Educate yourself here, then call for assistance. Your finances are at risk if you put off dealing with this problem.

    Call 516-935-7346 to speak with an expert today.

    ReplyDelete
  14. You Don't Have To Just Take OUR Word For It.
    Read What Our Clients Have To Say!
    The IRS says:
    Reportable Transactions
    Client Testimonials
    Natural persons who fail
    to disclose a reportable
    transaction to the IRS
    are subject to a $10,000
    penalty. Other
    nonreporting taxpayers
    are subject to a $50,000
    penalty.

    The penalties are
    increased to $100,000
    and $200,000,
    respectively, for natural
    persons and other
    taxpayers who fail to
    disclose a reportable
    transaction that is a
    listed transaction
    Call 516-935-7346 For Help NOW
    Email
    an
    Expert
    Call 516
    935-7346
    Today
    For
    Nationwide
    Assistance

    “Lance is an industry leader
    His research and insights have proved right on the money!”
    Debra Rothberg,

    “Lance is extraordinarily intelligent. He has few peers, if any, in his area of expertise.
    I unhesitatingly recommend Lance.”
    Gary Lesser, Owner, GSL Galactic Consulting

    “Excellent results, Google him”
    Larry Wilconsin,

    “Lance is a true expert on VEBA Plans. Five years ago, he took the call of a total stranger,
    and in doing so, he spent an hour helping me solve my client's problem. During the past five
    years Lance consistently proven to be a valuable resource for me and my practice. He is a
    warm open person who is willing to invest in others success.”

    Don Atherton, CEBS, CFP, CLU, Owner, Integrated Benefits Solutions, Inc.

    “Lance is a wonderful resource not just in regards to VEBAs, 412's, abusive plans and IRS

    ReplyDelete








  15. Five-year-old change in tax has left some small businesses and certain benefit plans
    subject to IRS fines; the advisors who sold these plans may pay the price.

    Financial advisors who have sold certain types of retirement and other benefit plans to small
    businesses might soon be facing a wave of lawsuits — unless Congress decides to take action
    soon.

    For years, advisors and insurance brokers have sold the 412(i) plan, a type of defined-benefit
    pension plan, and the 419 plan, a health and welfare plan, to small businesses as a way of
    providing such benefits to their employees, while also receiving a tax break.

    However, in 2004, Congress changed the law to require that companies file with the Internal
    Revenue Service if they had these plans in place. The law change was intended to address tax
    shelters, particularly those set up by large companies.

    Many companies and financial advisors didn't realize that this was a cause for concern,
    however, and now employers are receiving a great deal of scrutiny from the federal
    government, according to experts.

    The IRS has been aggressive in auditing these plans. The fines for failing to notify the agency
    about them are $200,000 per business per year the plan has been in place and $100,000 per
    individual.

    So advisors who sold these plans to small businesses are now slowly starting to become the
    target of litigation from employers who are subject to these fines.

    “There is a slew of litigation already against advisors that sold these plans,” said Lance Wallach,
    an expert on 412(i) and 419 plans. “I get calls from lawyers every week asking me to be an
    expert witness on these cases.”

    Mr. Wallach declined to cite any specific suits. But one advisor who has been selling 412(i)
    plans for years said his firm is already facing six lawsuits over the sale of such plans and has
    another two pending. “My legal and accounting bills last year were $864,000,” said the advisor,
    who asked not to be identified. “And if this doesn't get fixed, everyone and their uncle will sue
    us.”

    Currently, the IRS has instituted a moratorium on collecting these fines until the end of the year
    in the hope that Congress will address the issue.

    In a Sept. 24 letter to Sens. Max Baucus, D-Mont., Charles Boustany Jr., R-La., and Charles
    Grassley, R-Iowa, IRS Commissioner Douglas H. Shulman wrote: “I understand that Congress
    is still considering this issue and that a bipartisan, bicameral bill may be in the works … To give
    Congress time to address the issue, I am writing to extend the suspension of collection
    enforcement action through Dec. 31.”

    But with so much of Congress' attention on health care reform at the moment, experts are
    worried that the issue may go unresolved indefinitely.

    If Congress doesn't amend the statute, and clients find themselves having to pay these fines,
    they will absolutely go after the advisors that sold these plans to them.

    ReplyDelete
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    ReplyDelete
  17. Business Valuations.org Call Lance Wallch at 516-938-5007
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    New BISK CPEasy™ CPE Self-Study Course
    Posted on March 12, 2014 by Admin
    New BISK CPEasy™ CPE Self-Study Course Author/Moderator: Lance Wallach, CLU, CHFC, CIMC Excerpt: Why it Makes Sense to Have a Business Valuation Done Before Selling Your Business – And How To Make Sure it’s … Continue reading →

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    America’s Best-selling CPE Programs Business Valuations
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    America’s Best-selling CPE Programs Business Valuations: What Businesses Can Gain From Them A business valuation measures the worth of a business on the open market. It analyzes the company’s management, capital structure, future earnings potential and market value of … Continue reading →

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    Chapter One Meltdown

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  18. SearchMain menubegin to regulate alternative investments, we expect to see an increase in selling away stockbroker fraud cases.
    Our advice? Alternative investments can be a great way to make above market rate returns and capital appreciation. If approached by a stockbroker offering such an investment, inquire as to his or her commission, make sure you understand the fine print, make sure your broker fully understands the fine print and determine whether an employee of the brokerage firm has conducted extensive due diligence on the product. In other words, make sure that the investments has been well vetted and isn’t simply being offered because it carries a huge commission.
    Also make sure that your adviser is working through a legitimate broker dealer and not “selling away.”
    Stockbroker fraud occurs daily across the United States. Sometimes the broker is solely to blame and at other times its both the broker and a dishonest promoter. Either way, its the customers that ultimately suffer.
    If you believe you are the victim of stockbroker fraud, contact us immediately
    As an expert witness Lance Wallachs side has never lost a case.
    Lance Wallach
    68 Keswick Lane
    Plainview, NY 11803
    Ph.: (516)938-5007
    Fax: (516)938-6330 www.vebaplan.com
    National Society of Accountants Speaker of The Yea

    ReplyDelete
  19. Bad Financial Planner

    A financial planner can be considered a bad advisor for a number of different reasons (a few listed below):

    1) The advisor recommends Section 79 Plans as beneficial wealth building tools.

    2) The advisor might work with a Broker Dealer (BD) who ties their hands and restricts the types of investments or products that can be offered to clients. Unfortunately, this is more the rule than the exception with financial planners. Many restricted advisors are not able to offer items like Retirement Life™ or certain guaranteed return (accumulation value)/guaranteed income for life products.

    3) The only thing worse than having a BD restrict what an advisor can offer his/her clients is to not disclose this fact to the clients themselves. Lack of disclosure is a significant problem in the industry today. If you could purchase a product that had a 7% guaranteed rate of return on an accumulation value coupled with a guaranteed income for life, don’t you think a financial planner should disclose the fact that he/she is forbidden by his/her BD from offering it to all current and future clients? I think it should be disclosed and any advisor who doesn’t disclose his/her limitations is someone we would consider a bad advisor.

    4) Most financial planners don’t know many of the concepts/products they need to know in order to give comprehensive advice. Just ask your current planner (or someone you are interviewing) if they know the following topics: correct corporate structure, Captive Insurance Companies, FLPs, “Freeze” Partnerships, Retirement Life (a tax free wealth building tool), Roth IRA and 401(k) Plans, Section 79 Plans, Equity Harvesting, 401(k) Plans, New Comparability Profit Sharing Plans, Defined Benefit Plans, 412(e)3 Defined Benefit Plans (and carve out plans), 401(h) Plans, Cash Balance Plans, ESOPs, Charitable Remainder Trusts, Charitable Gift Annuities, Family Foundations, Intentionally Defective Grantor Trusts, Long-Term Care Insurance, HSAs, Corporate Structure, Single Premium Life Insurance (with LTC rider), Roth IRA Conversions, etc.

    The bottom line with financial planners is that they need to know the important concepts/products in the market and be able to offer them to you without restriction.

    — Bad insurance agent

    I have an entire chapter in my Bad Advisors book about what makes a bad insurance agent. The list is somewhat similar to what makes a bad financial planner.

    1) Many agents are somewhat or are very restricted in the products they offer.

    There are what we call “contractually captive” agents like State Farm agents who can only sell State Farm products. That means that if such an agent tries to sell you an annuity or life insurance policy, it is a State Farm product (and these are not products we would recommend if we had the ability to). Additionally, companies like State Farm don’t even offer products like the ones we talk about on this web-site (Retirement Life™ and the guaranteed return/income for life products).

    There are what we call “mentally captive” agents who even though they are “independent” they act like the are captive because they sell the same life and annuity products over and over to their clients even if objectively speaking there are better products to fulfill the client’s needs. There are many reasons that mentally captive agents act the way they do and you can learn about them by reading the book Bad Advisors.

    2) Like financial planners, lack of disclosure is also a problem with insurance agents. Most do not disclose the restrictions they have when it comes to offering certain products.

    3) Like financial planners, most insurance agents don’t know the needed topics to provide “comprehensive” advice to their clients (see 3) above for a partial list that insurance agents should be familiar with).

    Summary

    Unfortunately, the majority of advisors in the insurance and financial services fields are what I define as bad advisors.

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    Lance Wallach in The Press

    Money Magazine

    Is 2010 the Year of Avoiding Taxes?

    In a speech last May, President Obama said, "Nobody likes paying taxes . . . . And yet, even as most
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