Too True to Be Good!”
A Case Study
Dennis Branconier, ChFC, CLU – M Advisory Group
Dr. Sliceanddice is a vascular surgeon who supercharged his retirement plan through a specially designed life insurance policy. Thirty years later, the plan had actually worked out so well that it became too much of a good thing and created a potential income tax liability that continues to loom. He had withdrawn more money, income tax free, than he should have from his policy, leaving it vulnerable to become a $330,000 “phantom income” liability. Through a financial-surgical procedure, he was able to significantly reduce the swelling of a “policy loan gone wild,” but will be wearing a pressure bandage for the rest of his life to avoid the big tax trigger. Through this case study you will learn about the unique properties of life insurance unlike anything else in the tax code, the proper design and use of insurance for both living and death benefits, the basic mechanics of a life insurance policy and the tax code provisions that can work for, and sometimes against, the client.
Please join us for a lively discussion on this month’s Case Study – 1 CE credit is available!
For SBEPC Members Only
Dennis Branconier is Senior Vice President for M Advisory Group, a comprehensive financial services firm based in Torrance. He simply states that he guides people in making important decisions about the proper use of life insurance. He holds the Chartered Financial Consultant and Chartered Life Underwriter designations from the American College and has spoken at national financial conferences. He earned a Master’s degree in counseling psychology from Loyola Marymount University, training that has come in handy in helping clients plan for family wealth transfer. Dennis served as president of the South Bay Estate Planning Council as part of his 10-year Board service. He is active in local non-profit organizations, including currently serving as President of the Board of Directors for Mary & Joseph Retreat Center in Rancho Palos Verdes. He lives in RPV with his wife, Kathleen, and they enjoy time with their three daughters, two sons-in-law and one granddaughter.