Your Private Family Banker
Your Private Family Banker is the no-fluff guide to building your own family-controlled banking system using dividend-paying whole life insurance.
If you want to stop relying on traditional banks, control your family’s money, and build generational wealth, this podcast is your blueprint for becoming the banker for your family.
Each episode, we cover topics ranging from what Private Family Banking is, to how it compares with other options out there, to why it makes sense. We'll show you how to create uninterrupted cash flow, finance everything debt-free (cars, real estate, business, education), and build a family legacy that survives taxes, lawsuits, and market crashes — all while keeping full control in your hands, not the bank's.
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To learn more, you can go to our website at https://plginsurance.com/.
Your Private Family Banker
Private Family Banking - Protection From Creditors and Judgements
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5-ish Minute Private Family Banking Podcast.
Protection From Creditors and Judgements
Private Family banking is a long-term financial strategy. We teach people how to leverage a high cash value permanent life insurance policy to take control of their household finances.
In this episode, I talk about how Private Family Banking offers protections agains creditors and legal judgements. I provide examples of how this could look for anyone regardless of how likely they think it might be for them to be subject to either.
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https://plginsurance.com/
Hey everyone, Mike here back with another episode of the Five-ish Minute Private Family Banking Podcast. I'm in the process of talking about some of the benefits of holding your money inside of a properly structured whole life insurance policy, one that is optimized for private family banking. So far, I've talked about what the structure looks like. I've talked about how it provides you with a liquid pool of money that you have access to, you can use for things in your life. I've talked about how it provides that consistent growth over the long term and how that growth is not impacted by market volatility. I've even showed you how you can buy a car using private family banking. If you haven't listened to any of the previous episodes, I'd encourage you to go back and do that. It only takes a few minutes of your time and it will give you a good foundation for what I'm talking about here. In this episode, I'm going to cover some of why keeping your money inside of a whole like policy like this one provides you with a level of protection against creditors and judgments. Now, you might be thinking to yourself, why would I need to worry about that? I'm just a regular guy, a regular gal, just trying to live my life. Why do I need to worry about creditors and judgments? I don't have that much money, or maybe you do, but you know, um, why would anybody want to go after me? The truth is that none of us are in control of our futures. Consider a medical professional who becomes subject of a medical lawsuit, even a frivolous one, can provide some challenges. Or a business owner who maybe becomes the subject of a liability case. What about uh being simply being at fault in an automobile accident um and at risk of possibly even be can be considered negligent? All of these situations um uh are risky and they could put you in a situation where you could be subject to a lawsuit. In many states, however, not all, but many, um, cash value inside of a life insurance policy is either partially or completely protected from those types of judgments. What about someone who loses their job? No fault of their own, maybe the company downsized and now they find themselves struggling to pay those bills that used to be easy for them. Similar to the judgments above, the cash value that's inside of a life insurance policy is often protected from creditors. So you get a new job, and if you were back, if you became, you know, past due on some of the bills and it was turned over to creditors, they can't necessarily always go after cash inside of a whole life insurance policy like they could by garnishing your wages or accessing other bank accounts. Um sorry to go down a little bit of a dark road here and talk about some negative things that can happen in our lives, but given why that we're talking about why high income and high net worth people like to keep money inside of a whole life insurance policy. This frankly is just one of the reasons that they do that. If you own a business, if you're in a high income, if you accumulate enough assets to uh grow your net worth to a certain point, there's always risk. There's always risk in accumulating wealth. And unfortunately, we live in a litigious society. And again, unfortunately, some people will look at someone who earns a lot of money or looks wealthy from the outside, and they might decide that they would like to go after a piece of that. Now, this is just about protecting some of that money that they could go after. This isn't legal advice. You'll want to check your state's laws and consult an attorney to see where your state may fall on the spectrum of protection and seek an attorney for any legal advice. But in many states um there are significant protections for money that is kept inside of a whole life insurance policy. Oh, and while the policy is in force, you do get that death benefit at the same time, which is another form of protection. Well, that's it for now. I've gone over the uh the over the five minutes in the last few videos, so hopefully this one makes up the difference by staying under a little bit. Um, please like and subscribe, share this with a friend, and I'll see you next time. Until then, out