Hi M.W. Yes, I'm a retired trucker. It was a hard business, and rewarding excluding the long hours and a host of BS dealing with shippers/customers. You seem to be a little loss concerning the benefits of Life Insurance. I'll try not boast, but my wife and I have been using several policies and have achieved exceptional results. I've outlined the major benefits in my original post. Allow me the opportunity to share some websites with you. These are wonderful websites with details on how Insurance can be used to finance your own loans. If you choose to stay ignorant on this subject, that's of course your prerogative. https://www.wallstreetmojo.com/infinite-banking/ https://corporatefinanceinstitute.com/resources/knowledge/finance/infinite-banking/ https://livingwealth.com/infinite-banking/
Knowledge and understanding how life insurance can be structured as a Trust (revocable or irrevocable) with transfer rights for estate taxes. (grin)
It's not illegal to lie to your family members. So, it's ok? Ever heard of ethics and moral values? What's the point of abusing loopholes? To advantage oneself at the expense of everyone else.
You are correct, it is definitely NOT illegal, and far from it. In my world in my past business, I delt with multi-millionaire business owners who moved tons of freight on a daily basis. Quite frankly, I've never met a business owner that did not understand these concepts. I should know, since one of them is a close friend, and it was he who shared this information with me some 15 years ago.
Stop it. Paying taxes is not some moral high ground. It’s the dumbest form of virtue signaling and you know it. I’m sure you take deductions and and credits where it’s legal. There’s no difference. and this is a straw man argument anyway.
"Quite frankly, I've never met a business owner that did not understand these concepts. I should know, since one of them is a close friend" So you know one or some and conclude it must be all. That is a true trucker mindset.
That's ridiculous twisting of the truth. Yes, paying taxes is not a moral high ground but abusing tax loopholes is a moral low ground because you know that it disadvantages everyone else at your own benefit in an unfair and unintended way. And quite frankly it's a huge business risk in doing so as well. Many tax loopholes were previously closed and charges applied retroactively. You are twisting the truth. Deductions are intended and offered to be applied, loopholes are not. You throw all in the same pot and stir and sell it as one and the same soup. It's not. Completely different issues and implications and intentions. Lets stop going down this route, you take a different moral stance on using loopholes than I do. Your choice, my choice in life.
Whenever I see a person, who in the face of insurmountable evidence refuses to accept the FACT that they are wrong. Nor smart enough to use what he's wrong about to his or her advantage. It gives me the impression, their animosity towards beneficial knowledge says more about who they are, and not what they purport to be Anyone with a modicum of intelligence already knows a smart person uses knowledge to their benefit. A disdain towards such knowledge is usually an indication of a very unhappy life. Came off as laughable trying to deny my knowledge of Insurance, when it is clear he/she knows nothing about insurance if he does understand how insurance can be used to reduce Estate taxes. I doubt this person owns anything of measurable wealth above their laptop. Laptop Estate (tries not to laugh) You might seek professional counseling to learn why you have such a disgruntled attitude. Is it because you're tired of losing money? Here's a clue, be real, eventually people can see through a FRAUD.