Many of you may find yourself in the same situation I have been in for 15 years, working through how to care for your aging parents or other relatives in a way that honors them, gives them as much independence as possible while keeping them safe, doesn’t harm your mental or physical health and doesn’t bankrupt everyone.
“We continue to participate in the event because we gain more than we give.”
As a life planner and business coach, I find one of the main things people lack is a basic understanding of financial principles. I wonder- how much easier could their lives have been if they’d been taught these basic facts as children?
What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?
It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.
As a parent or grandparent, you can leave a legacy by using the magic of compound interest.
