Out Of My Realm - Need Advice?

[JRoot]

What the heck did you mean when you said "when I ran it, it came back a table 8? Have you got some kind of batman decoder ring or something? Or did you speak with underwriters at a good carrier?

LOL. I was thinking the same thing. How do you rate this without prequalifying first?

 

[myinsurebiz]

#1 - Hmmmm. Short sell a piece of real estate... Tom: Apparently you know less about real estate than you know about insurance.

#2 - Please don't attempt to advise him on real estate...

1) His words not mine smart ass! This guy is worth many millions on paper - just not liquid.

2) LOL - just using his words. Over $50 mill in real estate on Hilton Head, SC. I'm sure his lingo is conducive of his own education.

This guy had a dozen "insurance agents" call him from the same NetQuote lead -he spoke only to one - me . . .

The rest he said were pompous and arrogant.

LOL - he chose me - amazing . . .

Was able to hook him up with 2 - $30k Final Expense policies - this will at least give his wife/child 60k liquid in a few days of his passing. We'll work on the rest . . .

#1 - He needs to work with his strong point which is his real estate holdings and not his health. A 70 year old male who has had a quad bypass. Keep your expectations low.

#2 - If he wants his heirs to have some immeidate cash then he needs to liquidate some real estate and get it into an annuity or something like that.

#3 - What the heck did you mean when you said "when I ran it, it came back a table 8? Have you got some kind of batman decoder ring or something? Or did you speak with underwriters at a good carrier?

1) I am - and actually so is he since no other agent gave him the time of day.

2) He suggested this himself - but by his own vocabulary - he feels "selling short" in the present economy would be worse case scenario. He has considerable holdings of million $$ homes - not exactly the ripe timing 'eh?

3) I have illustration software that will produce a "probable" table rating based on meds and conditions. You don't?

Thanks to those that provided valuable input - ie: Scott and Brad. Kiss of the @#$ to all others . . .

Thanks,

Tom

p.s. - His financial adviser just kicked the bucket in October. This guy is searching for someone to lead him in the right direction - thus my reasoning for posting for advice.

Without the drama presented by carrot peeler, atheist monger and some others - this forum is excellent for learning. Thanks to all that pm'ed . . .

 

[djs]

the subject might be as well off having a savings acct, either joint with spouse, or POD acct... and the int might be better to be taxed as earned,

Good thought, but....
Based on the comment about the short sale, I'm assuming he is upside down and MAY have negative equity across the board. Now, this is a bit to much conjecture, but I wanted to make a point...

If the estate is negative on death, creditors can seize the savings account, but usually cannot seize an annuity or life policy. At 70, with failing health, lookback rules may come into play, so make sure you understand this correctly before implementing.

The only real answer here is someone who is qualified to talk about estate planning. A life policy is not an estate plan. With this case, you really need to understand how estates transfer, tax implications, trusts, etc. Anything else is a disservice.

Oh yeah, dump the netquote leads. These types of leads waste your time.

Dan

 

[myinsurebiz]

Incorrect.

He owns outright several vacation homes on HHI, SC and has been in the RE biz since he was 15.

On paper - he is worth multi millions - but none liquid.

He has a young wife and teen age daughter that spend what he makes in the RE market - albeit - not much lately.

I am by no means a financial adviser - this guy seems to like me and for some reason values my opinion and is able to hold a conversation with me versus other "insurance agents".

Am I to turn and run because I'm in over my head? Or - do I get him the answers to his questions?

He purchased two policies today without hesitation - but, small face WL isn't what he wanted - but he figured something is better than nothing in the event of sudden death.

I'm am doing my best to NOT steer him into a bad decision.

Assistance is what I need - not criticism.

Thanks,

Tom

Good thought, but....
Based on the comment about the short sale, I'm assuming he is upside down and MAY have negative equity across the board. Now, this is a bit to much conjecture, but I wanted to make a point...

If the estate is negative on death, creditors can seize the savings account, but usually cannot seize an annuity or life policy. At 70, with failing health, lookback rules may come into play, so make sure you understand this correctly before implementing.

The only real answer here is someone who is qualified to talk about estate planning. A life policy is not an estate plan. With this case, you really need to understand how estates transfer, tax implications, trusts, etc. Anything else is a disservice.

Oh yeah, dump the netquote leads. These types of leads waste your time.

Dan

 

[djs]

If he is worth millions on paper, than you really need a qualifed estate planner to deal with this.

Yes, a lot of agents would figure out a way to calculate the estate tax and write a policy to cover it, but.... when is the estate tax paid? Oh yeah, when the second spouse dies (usually), so his life policy could become part of the estate that the spouse needs to deal with, causing a bigger problem, not solving a problem.

Perhaps you should advise on a living trust for the spouse with a beneficiary of the child. Perhaps not. It gets really, really complicated.

This is one where there isn't any assistance to be given other than to say the right thing to do is to get an estate planner involved.

Dan

 

[SportsNut]

1) His words not mine smart ass!

Look here Kingfish... you were the guy using the words, not him. You simply didn't have the knowledge not to repeat an unintelligible statement, then what does that make you..? So if you want to repeat the words and someone who knows better corrects you, then don't call them a smart azz... I can see that the attempt to educate you is a poor choice of time management.

This guy is worth many millions on paper - just not liquid.

Hmmmm. Not another one of these gazillionaires with all the wealth tied up, and no jingle in their pocket. Either the guy is a really lucky investor to have happened onto 50 mil of equity... OR... his ego is 49 mil of it. Folks that have 50 mil in equity DO NOT have it all tied up in property with NO CASH. I know too many investors who are truly worth 50 mil, (or were before the downturn), and they could all write you a check for a few mil, on a bad day.

2) LOL - just using his words. Over $50 mill in real estate on Hilton Head, SC. I'm sure his lingo is conducive of his own education.

Gawd, I hope not or it certainly confirms my theory above... if his words are descriptive of his education and he is using he words "short sale", then he truly doesn't know anything about real estate investing. FACT. Short sale (real estate - Wikipedia, the free encyclopedia)

This guy had a dozen "insurance agents" call him from the same NetQuote lead -he spoke only to one - me . . .

Maybe you just speak his language... short sale, believe that somone with 50 mil net worth has no liquidity, etc.

The rest he said were pompous and arrogant.

LOL - he chose me - amazing . . . NO, I'm not amazed. What is that old saying about a bird and the feathers...?

Was able to hook him up with 2 - $30k Final Expense policies - this will at least give his wife/child 60k liquid in a few days of his passing. We'll work on the rest . . .

I see a "Financial Planner of the Year" coming... Yep, now I am being a smart azz, but it will go unheard for sure. You know too much to take constructive criticism, so your knowledge level will reflect your ability or inability to absorb such a thing.

SN

 

[djs]

By the way, if he is worth millions, even on paper, he won't be able to do a short sale. The banks won't allow it, he has assets.

Dan

 

[myinsurebiz]

#1 - If he is worth millions on paper, than you really need a qualified estate planner to deal with this.

#2 - Perhaps you should advise on a living trust for the spouse with a beneficiary of the child. Perhaps not. It gets really, really complicated.

1) I know. This guy for some reason values my opinion and is seeking answers that I thought would be easy to answer. But - thanks to a few pm's - this is another case that needs to be forwarded to someone more qualified. I'm going to work with a friend who is a NYL agent.

2) See #1. I thought a simple life insurance policy would handle it - but, it seems there is no such thing with his age and medical conditions

By the way, if he is worth millions, even on paper, he won't be able to do a short sale. The banks won't allow it, he has assets.

Dan

When he used that term - I just assumed it meant that he would sell at a lessor amount based on the current economic conditions than what he could get in a vibrant RE market.

Sportsnut:

If you had perhaps offered an opinion without attacking the person versus the issue - no problem. But - reread your original response and you'll see my justification for the "smart ass" remark. I see your points and I appreciate your "teaching" me - but perhaps you just lack people skills.

Tom

 

[SportsNut]

As you know - I'm not the most experienced or seasoned Insurance agent

Tom

1)
Sportsnut:

If you had perhaps offered an opinion without attacking the person versus the issue - no problem. But - reread your original response and you'll see my justification for the "smart ass" remark. I see your points and I appreciate your "teaching" me - but perhaps you just lack people skills.

Tom

OK, so I re-read my original post... and I simply confirmed what you stated in your first sentence, you don't know much about insurance... and I simply added the obvious; you know less about real estate. So IN YOUR OPINION I have no people skills... I'll take that, since you seem to know little about most other things, I will concede that you know little about people skills either.

You seem to be one of few folks on this site that just gets in a ****-kicking contest with about everyone that posts in a thread you are involved in... So I ask myself... "Self, what is the common denominator here...?" Bingo... Case closed!

 

[retread]

I ran into a guy here in Kansas that talked like this supposed millionaire "on paper". He was originally from Texas. He was also full of hot air. Short story long... he no longer tries to buy from me.

I can't help but think myinsurebiz maybe is being scammed. My gut feeling isn't always right, but does anyone else get the same feeling?