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What the MEC?
100
This is the highest possible total tax rate applied to taxable bond income if the client resides in Pennsylvania.
What is 46.47% (39.6% Federal + 3.07% State + 3.8% Medicare Surtax)?
100
This is the Pennsylvania Estate Tax percentage that may apply to illiquid assets, such as real property. Life insurance is often implemented to provide the funds to cover such a tax.
What is... 4.5 % (to direct descendants and lineal heirs) 12% (to siblings) 15% (other heirs)
100
One of the most productive Reviews with an existing client, where Legacy and Tax Protection discussions should be added to the agenda, if not already addressed.
What is an Annual Review?
100
TIAA-CREF encourages clients to derive retirement income from these types of accounts first, further justifying the Intelligent Variable Annuity as a location for accumulation prior to retirement.
What are Non-Qualified Accounts?
100
This concept may be presented when the Retirement Review shows excess cash holdings in non-qualified accounts and the client seeks safety of principal.
What is "Relocating" Cash to Life Insurance, as an Alternative Asset Class to Fixed Income?
200
A strategy actively promoted by Dan Keady, where less tax-efficient investments are intentionally placed in tax-advantaged accounts (such as a Variable Annuity) to reduce tax drag on growth.
What is Asset Location?
200
This is a type of trust that protects high net worth clients from having their life insurance proceeds included in their estates
Irrevocable Life Insurance Trust
200
The section of the Retirement Review that is most suitable to question a client about their Legacy Goals and help them self-realize the importance of their Legacy.
What is the Ending Capital Analysis or Monte Carlo Analysis?
200
This type of annuity allows a client to immediately receive a guaranteed paycheck for a specified period of time (5 to 20yrs) or even for a LIFETIME, so they can satisfy fixed expenses, enjoy certainty in their life, and perhaps buy more time to allow their PAM and PA assets to grow.
What is a Single Premium Immediate Annuity (SPIA)?
200
Most life insurance policies at TIAA-CREF are designed as MECs. By turning a life policy into a MEC, it simply means the loss of this tax feature.
What is First-in First-out treatment turns into Last-in First-out OR Earnings must be withdrawn before principal?
300
From X% to Y%. Where X is "Conservative" and Y is "Aggressive", this is the range of total, all-in costs for investing among the five risk-based portfolios in the Intelligent Variable Annuity. Keep in mind, these portfolios are overseen by IMG and enjoy protection from current taxation.
What is 0.90% to 1.10% (without a death benefit)? What is 1.00% to 1.20% (with a death benefit)?
300
When designed properly, Universal Life Insurance provides a solution for Income Replacement due to premature death, but because of its cash value feature, the policy can be "repurposed" to provide this benefit when the client retires.
What is Tax-Free Income?
300
This Life Insurance strategy helps clients leverage excess cash flow after age 70.
What is the RMDs for Life Strategy?
300
This is how income is taxed when "withdrawn" from an annuity. Of course, when a client "annuitizes", the income stream is much more tax-efficient.
What is "as ordinary income"?
300
When a Life Insurance Policy is intentionally designed as a MEC, it resembles this type of investment, but with a much larger death benefit that is income-tax free.
What is a Deferred Fixed Annuity
400
This tax form is a powerful tool for helping a client self-realize the tax-inefficiency of their current non-qualified investments.
What is a 1040?
400
VIDEO DAILY DOUBLE

When a life insurance policy is designed like Ed Slott describes, it looks, acts, and receives similar tax treatment as this type of IRA.
What is a ROTH IRA?
400
When reviewing the "Ending Capital" page of the retirement review, this "investment term" allows you to introduce life insurance as a protective investment hedge against the downside risk of a legacy due to Market Loss, Withdrawal Loss, and Tax Loss.
What is Stop Loss?
400
The Intelligent Variable Annuity investor has benefited for many years from 1) IMG oversight of their investment portfolio, 2) tax protection from capital gains and ordinary income tax on interest and 3) extremely low-costs.

Now it is time to take income through annuitization. Whether they take a 5-year, 10-year or even a guaranteed paycheck for life, what RATIO makes their income tax efficient.
What is the Exclusion Ratio?
400
When excess RMDs are "redeployed" to fund a life insurance policy, the policy is ideally designed as a NON-MEC. This allows the client to withdraw from the policy later in life to help self-fund this type of health related expense.
What is Long Term Care
500
Former President and Chairman of TIAA-CREF (1957 - 1979), he conceived the idea of a variable annuity in 1950, which would invest in a diversified fund of common stocks. At that time insurance companies sold only traditional fixed-income annuities. Two years later, the Teachers Insurance and Annuity Association of America (TIAA) established the first variable annuity when it created the College Retirement Equities Fund (CREF), which today is the world's largest provider of variable annuities. For the insurance industry, the concept made possible the addition of an entirely new class of pension and insurance products. For millions of Americans it meant a more financially secure retirement.
Who is Dr. William Greenough?
500
Getting to know a clients family dynamics is important if we are going to generate meaningful outcomes. If a client has a child or grandchild with severe disabilities, this type of trust can be funded with Life Insurance to provide a lifetime of security.
What is a Special Needs Trust
500
When reviewing the "Ending Capital" page in the Retirement Review, this question opens the client up to discussing and self-realizing the meaning of their Legacy.
What is "Tell me how you see these dollars being distributed when you are no longer here?"
500
Annuities were designed to eventually generate income. When a client's goals change and they no longer need income from their After-Tax-Annuity, this is the strategy that creates a tax-advantaged death benefit.
What is Annuity Maximization?
500
VIDEO DAILY DOUBLE

We all know that Ned makes a big commission if Phil buys a "Single Premium Life Policy".

Assuming that Phil's goal is to maximize his death benefit, this is the economic benefit Phil receives by creating a MEC.
Cost Efficiency. Phil will invest less money in the policy compared to the cumulative amount he would need to invest on an annual basis in a Non-Mec.