insurance use
I recently watched Mr. Slott on tv and he mentioned using insurance.
Is it possible to borrow against the value of a IRA and repaying without
cashing it in?Thanks
I recently watched Mr. Slott on tv and he mentioned using insurance.
Is it possible to borrow against the value of a IRA and repaying without
cashing it in?Thanks
Permalink Submitted by Alan Spross on Mon, 2008-04-14 21:15
The only IRA related option is the 60 day rollover which can provide you with use of IRA funds for 60 days. However, due to the one rollover per 12 month rule, this can only be done once a year per IRA account.
Permalink Submitted by Al Fry on Mon, 2008-04-14 21:59
I missed his TV presentation, however I have heard his presentation using IRA distributions (currently taxable) to purchase life insurance which is income tax exempt and can be made estate tax free as well, by the use of a trust or with ownership by children of insured.