Turner Insurance Solutions

09/08/2022

Questions? Let's have a conversation. DM or schedule a call in my calendar. https://calendly.com/edward_turner/15min

https://www.richdad.com/401k-plan

09/07/2022

401(K)s didn't exist before 1978. How much of your 401(K) can you afford to lose with a downturn in the market?

Turbocharge Your Retirement Plan With Life Insurance 🤩

✅ Tax-free growth and retirement income
✅ Access cash value penalty-free anytime, for any reason
✅ Downside protection from negative returns
✅ Protection for your loved ones

What is Cash Value Life Insurance❓

➡️ A type of insurance that not only protects your loved ones with a death benefit but also lets you build wealth through accumulating a cash value.

Get a recommended plan by clicking the link below ⬇️
Get a personalized quote today!
https://tfraplanning.com/get-a-quote/

07/21/2022

Take control of your money and how it is invested!
If you have questions, reach out and get them answered.
Thanks,
Eddie

07/21/2022

My wife and I didn't get Life Insurance on our son for the death benefit, we got Life Insurance on him to give him a Financial Head Start in life. My parents never had this on any of their kids and they certainly didn't teach this in High School or College. The Living Benefits in the Policy protect him now and help us cover loss of income if one of us needs to care for him long term, but knock on wood this never happens.

If we do what we need to do by paying the premiums till he is 18, the policy will have tax-free cash available for him to use in various ways:
1. Provide tuition for College or Trade School
2. Capital to Start a Business
3. Cash for Down Payment on a Home
4. Cash to pay off a Home
5. Living Benefits for Life
6. Tax-Free Retirement Income
7. Death Benefit for his Family

And so much more, the numbers are pretty amazing once you see what these policies can do.

Chances are, if you don't know about this, you are already behind in planning for your kids. But, if you start today, you have time to catch up. Don't wait....

Need to talk it over with your Spouse? Do you really think he/she will say planning for your children and giving them a financial headstart you never had is a bad idea?

Let's have a conversation! Shoot me a message or call me at 909-645-0105.

Book into my calendar:

Book into my calendar: https://calendly.com/edward_turner/15min

07/15/2022

Can I pay my child to work for me without getting in trouble with the IRS?
Yes, you can hire your child to work for you. There is no minimum age someone has to be before they can earn a salary. To make sure you are compliant with the IRS:

Choose a job that is appropriate for their age. Don’t hire your toddler to do your accounting.
Pay them fairly. How much would you offer anyone else to do the same job? That’s what you should pay your child.
Keep track of the hours they work and the type of job they do for your tax records.
Write out a contract outlining their responsibilities. The duties you give your child should only be related to your business–not personal services, like housework or mowing the lawn at home.
Fill out IRS Form W-4 and complete U.S. Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification.

Why Hiring Your Children Is a Great Tax Strategy
If you hire your children as employees to do legitimate work in your business, you may deduct their salaries from your business income as a business expense. Moreover, if your child is under 18, you won't have to withhold or pay any F**A (Social Security or Medicare) tax on the salary, subject to a couple of exceptions. These rules allow you to shift part of your business income from your own tax bracket to your child's bracket—which should be much lower than yours unless you earn little or no income. This can result in substantial tax savings.

Low Taxes on Child Earnings
Your child will have to pay tax on the salary you pay them only to the extent it exceeds the standard deduction amount for the year. Fortunately, the standard deduction is quite large. For 2022, it is $12,950 for single taxpayers. Thus, your child can earn up to $12,950 (that's $1,079 per month) and owe no tax on the income.

https://www.taxslayer.com/blog/hiring-your-child-small-business-self-employed-taxes/

https://www.nolo.com/legal-encyclopedia/why-its-tax-smart-hire-your-children.html

https://www.lipseyandassociates.com/resources/articles/how-to-save-taxes-with-your-family-business-tax-free-payments-to-your-kids

For Tax advice, please consult a tax professional. The information provided on this site is not legal or tax advice. The information provided is for information purposes only. Please do your own due diligence and consult a tax professional for tax advice.

07/11/2022

Using a Tax-Free Retirement Account or a Tax-deferred Account (TDA)?

Taxes are by far the biggest financial burden when it comes to building wealth.
In order to efficiently build wealth, the most intelligent investors have been using TFRA like Index Universal Life (IUL) to maximize their investment and retirement savings.

The IUL, also known as the Family Bank Strategy (FBS), was first approved by the United States Congress under the IRC 7702 in 1913. (IRC = Internal Revenue Code).

As of January 2021, you can now put more money than ever before into an IUL account to avoid unnecessary spending on taxes. Money put in this account grows Tax-Free so you can retire without paying a dime to Uncle Sam.

Unlike most traditional retirement or investment accounts like the IRAs, Roth IRA, 401(k), 403(b), this account has the following extra benefits:

1. No contribution limit.
2. No early withdrawal penalty.
3. No limit on how much you can take out of your account.
4. Higher rates of returns on your savings (average 7 - 15% depending on the index used).
5. Your principal and interest are protected against market losses.
6. Your retirement income is tax-free.
7. There's one more BIG advantage...

The biggest advantage of the IUL or Family Bank Strategy is it comes with an insurance component that can help pay for your mortgage, debts, or medical expenses while you're alive or simply leave a huge legacy to your loved ones!

Even your kids can qualify for an IUL that can be used to pay for tuition, marriage expenses, first car, first home or literally anything without having to plunge into debts.

This account grows your money up to 15x or more if designed and funded correctly according the IRC 7702 provisions.

Take advantage of the new IRS provisions for IRC 7702, now!

Send me a Message to see what a TFRA account can do for you or your family!

07/05/2022

7 out of 10 Women will outlive their husbands and become widows. They will have to live with the consequences of life planning, good or bad for many years after their husband has passed.

Message me and let's have a conversation.

Tom Hegna - Life Insurance is a Women's Issue. 7 out of 10 Baby Boomer Women will be WidowsVideo credit to Tom Hegna, and TomHegna.comTom Hegna YouTube Chann...

06/28/2022

Life Happens. Be prepared for the unknown. This is a real story that can happen to anyone at any time.

See if a Cash Value Life Insurance policy is right for you...
tfraplanning.com/get-a-quote

06/25/2022

Turbocharge Your Retirement Plan With Life Insurance 🤩

✅ No limitations on contribution amounts

✅ Tax-free growth and retirement income

✅ Access cash value penalty-free anytime, for any reason

✅ Downside protection from negative returns

✅ Protection for your loved ones

What is Cash Value Life Insurance❓

➡️ A type of insurance that not only protects your loved ones with a death benefit but also lets you build wealth through accumulating a cash value.

Get a recommended plan by clicking the link below ⬇️
Get a personalized quote today!
https://tfraplanning.com/get-a-quote/

06/24/2022

Turbocharge Your Retirement Plan With Life Insurance 🤩

✅ No limitations on contribution amounts

✅ Tax-free growth and retirement income

✅ Access cash value penalty-free anytime, for any reason

✅ Downside protection from negative returns

✅ Protection for your loved ones

What is Cash Value Life Insurance❓

➡️ A type of insurance that not only protects your loved ones with a death benefit but also lets you build wealth through accumulating a cash value.

Get a recommended plan by clicking the link below ⬇️

If you would like a personalized plan, fill out this form here: https://tfraplanning.com/mainform2/

Check out this video to see an example: https://youtu.be/GpoflzgmB8A

06/22/2022

There is an alternative... Message me to find out more.

Send me a message on Messenger or call me at 909-660-3557 to learn more.
[email protected]
Book Appt: https://calendly.com/edward_turner/15min

New research paints worrisome picture for how long 401(k) savings last retirees.

06/22/2022

With Job Cuts, Rising Interest Rates, and Volatile Financial Markets, the Housing Market is at Risk. 🚦❌🛑❗️

A looming recession can be scary😳—but not with Cash Value Insurance🙌.

Add Cash Value Life Insurance to your portfolio today to get…
👍Guaranteed Returns
✌️Tax-Free Growth
🤟Tax-Free Access

Your 💰future depends on the actions you take today, so don’t wait!

Send me a message on Messenger or call me at 909-660-3557 to learn more.
[email protected]
Book Appt: https://calendly.com/edward_turner/15min