Aimed at people who may wish to avoid banks and the traditional lending process, the guide outlines details of the Infinite Banking Concept (IBC) and explains how a whole life insurance policy can operate as a vehicle for savings, spending, and tax sheltering.
More information can be found at https://www.iownmybank.com/blog/b/taxes
As used by well-known entrepreneurs such as Walt Disney, J.C. Penney, and Ray Kroc, infinite banking can be applied as a strategy to help start or grow a business, while reducing the amount of taxes owed. The recently-released guide from ‘I Own My Bank’ outlines key benefits of utilizing infinite banking as a tax strategy.
A CNBC report indicates that consumers continue to lose trust in conventional financial institutions, and a growing number of people want to have financial flexibility without relying on bank loans. With infinite banking, a person can purchase a whole life insurance policy and then use funds from the policy as a loan for large transactions, such as purchasing a car or home. A spokesperson from ‘I Own My Bank’ says, “Infinite banking can be a valuable tool for building wealth and achieving financial goals.”
The guide describes the primary reasons why infinite banking is effective as a tax strategy, such as building cash value due to tax deferrals and the ability to take out non-taxable loans from the whole life insurance policy.
Other benefits of infinite banking include steady growth on borrowed money and built-in protection benefits, such as death and disability.
Although infinite banking can be useful as an alternative financial strategy, the team at ‘I Own My Bank’ highlights the fact that it is important to consult with a trained practitioner and tax professional to make sure clients are aware of all potential tax implications.
Clients who have used financial advisory services from ‘I Own My Own Bank’ have positive reviews. “Awesome company,” says Sam C. “Allows you to plan your financial freedom and has excellent staff always willing to help answer any questions.”
Further information can be found at https://www.iownmybank.com/blog/b/taxes
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Florida Times Daily journalist was involved in the writing and production of this article.