40 Burst results for "Acres"
Fresh update on "acres" discussed on Bryan Suits
"Our newsroom. The wildfire that broke out in the Gorman area has now burned at least 340 acres near the hungry Valley State Recreation area. The L. A County Fire department says that the fire is now 30% contained Endangered killer whales have received new habitat protections from the US government. The National Marine Fisheries Service has finalized rules to expand the orcas critical habitat by about 16,000 Square miles from the Canadian border. Down two point Sur California Orchid numbers are at their lowest level since the 19.
California, Nevada Governors Tour Site of Huge Wildfire
"The governors of California and Nevada toward the site of a huge wildfire the one hundred six quare mile Tamarac fire near Lake Tahoe is more than halfway surrounded by containment lines it's not stopping folks it's continuing its continue restaurant that was before Nevada governor Steve Sisolak says more federal help is needed and that can start with more firefighters the ghosts are paid more money I mean it's hard as you spoke your work that they deserve to be paid to what they're doing they're not doing this for the money I was dear to you California governor Gavin Newsom says the approach to these fires needs to change the world is changing because the climate is changing last year a record breaking year in the state of California your date with close to four times the acres park the valuation orders in both states have been lifted but hotter drier weather is returning I'm a Donahue
Fresh update on "acres" discussed on KABC Programming
"7 90 K. ABC at 10 02. I'm Ken Jeffries to brush fires in the Gorman area have burned more than 340 acres. The largest fire was reported around 3:30 P.m. in the 36,000 block of Quail Canyon Road near Hungary Valley State Vehicle Recreation Park. The recreation area was evacuated. No structures threatened. Containment lines were cleared around 15% of the blaze. The first fire touched off around 2:40 P.m.. When the white GMC pickup became engulfed in flames on the right shoulder of the Golden State Freeway near Vista del Lago Road, the vehicle's occupants were able to get out safely. Like county reported 3318 new cases of Covid, 19 and 11 additional death Saturday. The number of coronavirus patients in county hospitals continue to spike as well rising from 1008 on Friday to 1071, according to state figures. 7 90 K ABC sports Baseball, The Dodgers beat the D backs 8 to 3 of the Angels defeated the A's wanted.
Snake Bit, the Original Fear
"The serpent was the shrewdest of all the wild animals. The lord god had made one day he asked woman. Did god really say you must not eat of the fruit from any of the trees in the garden. The lord god asks the woman. What have you done. The serpent deceived me. She replied that's why eight. Then the lord god said to the serpent. Because you have done this you are cursed more than all animals domestic and wild. You'll crawl on your belly groveling in the dust as long as you live. And i will 'cause hostility between you and the woman and between your offspring and her offspring he will strike your head and you will strike his. He'll this is from the bible in the book of genesis. chapter three. This ancient text is fascinating. It highlights the long standing relationship between mankind and a very particular wild beast one that has become a defining feature of the human experience. I believe the story has significant meaning. It holds within the foundations of the human worldview. And it's ripe with une bendable biological reality humans flip out when they see a snake well at least most of them. Well you know. I didn't really get into woods. Heavy till hours. Like twenty six twenty seven and so. I created a little bucket list of things that i wanted to accomplish. Turkey hundred deer. Hunter bow hunter and i wanted to get involved with a big rattlesnake. You know one way or the other. I just i heard so much battlement i. This is my dad. Gary nuclear in a lifetime of searching for the mythical black panther inside joke from episode one. He's kept his eyes on the ground looking for acres and big rattlesnakes
Fresh update on "acres" discussed on How to Fight CPS and Win
"I'm Steve coming to brush fires were started in Gorman this afternoon. The first of the two was started when a white GMC pickup truck became engulfed in flames on the shoulder of the Golden State Freeway. Then a second started just north of the first one. Los Angeles County Fire Department officials say that fires activity has decreased and both fires consumed 320 acres near hungry Valley State recreation area. That being said almost half of California is now in exceptional drought. Exceptional is the U. S. Drought Monitor driest level It's at 47% 100% of the state has been in some level of job for several weeks now, and it's just entering historically dry season. Some of the impacts of exceptional drought include fields left fallow orchards removed, fish relocated recreational activities curtailed poor air quality, widespread water shortages and extreme wildfires. Jim Rupkey. ABC NEWS, Los Angeles County reported 3318 new cases of Covid, 19 and 11 additional deaths today. Checking sports and baseball. The Angels shut out the A's won the.
Western Wildfires Force Evacuations and Destroy Homes
"Burkhart. More than 80. Large wildfires are burning in 11 states here in the West, fueled by increasingly extreme drought more than 8300 people under evacuation orders. And the Dixie Fire in Northern California A B C's Zoran Shah has more you Asian orders for the almost 200,000 acre Dixie fire, sending residents fleeing from their homes near Lake Tahoe Firefighters urgently trying to save any structures they can Jumbo jets dropping retardant on the Tamarack fire that fire still just 27% contained a new satellite image now showing thick smoke in casing much of the West from the dozens of large wildfires. Air quality alerts, in effect from Washington state to Denver,
Fresh update on "acres" discussed on The Tom Sullivan Show
"To the highest level since the reopening. The reason coronavirus linked ailments like the Delta variant showing signs of spreading. The jobless claims filed last week in California accounted for one out of every five unemployment filings nationwide. Governor Newsom says the ongoing impacts of this year's wildfire season has hit the state hard. We're blowing past every record and not in a good way. We're at over 5700 fires here today over half a million acres already burned in California governor calling for more firefighters That's a quick look at the news. I'm Phil Farrar in the I Heart radio newsroom. Sacramental traffic from the KPK Traffic center. Lots of brake tapping in Sacramento westbound camp at Cal Expo of Equal overturned Atlanta it on the right hand shoulder. Traffic Stop go from 1 16 Watch out Sacramento north Beyond 99 before Martin Luther King Jr Boulevard. There's a tire reported in the second line for the left in that the ville westbound I 80 at Midway, there's a bale of hay taking away the right lane and the Dixie fires so far has burned about 247,000 acres and is about 24% can change. From the balmy leaving the way home traffic center Steve Ferrara News only 3.1 kfbk Now Sacramento weather There will be some patchy clouds around tonight We'll see alot between 57 61 of a good deal of sunshine. For tomorrow highs will be loaded nineties. In the clear tomorrow night lows, 55 to 59 for Monday of warm day with sunshine highs will be in the low to mid nineties, not accurate. The meteorologist Brian Thompson News 93.1 KFBK. Stuff it.
Evacuation Orders Increase as Dixie Fire Tops 190,000 Acres
"Largest fire in California. The Dixie Fire burning in both Butte and Plumas County has now scorched more than 190,000 acres. It is 21% contained Numerous homes were burned Saturday night. The fire is threatening more than 10,000 structures. Fire officials say. The Dixie fire and a smaller fly fire came together over the weekend. More than 16,000 people are under evacuation orders in both counties. Evacuation orders and warnings have also been extended to Tehama County.
Fresh "Acres" from The Tom Sullivan Show
"Last night happened near the area of birth. Elaine No arrests have been made authorities investigating, she asked the county D a. Stephanie Bridget says she's close to filing charges. Against PG and E. In connection with a deadly fire last September near reading. I can officially make the determination that they are criminally liable and let the public know that there will be charges that was the Zog Fire burned. 56,000 Acres killed four people destroyed 200 homes. Meanwhile, the governor says the fire season is only getting worse. 57 wild fires have broken out one half million acres scarred, he says. The state needs more firefighters. That's a quick look at the news. I'm Phil Farrar in the I. Heart radio newsroom Now. Sacramento traffic from McAfee K Traffic Center. Good Afternoon North Down Highway 70 Close between Andy Mountain Road and Highway 89. North due to the Dixie Fire, North Pound five that Seamus Avenue You have the exit closed. Until Monday At five p.m. westbound A B will be reduced to one line for the Did slope stabilization project that Fareed We hope to be done by late this summer and up in Placerville was found 50 at High Hill Road and Paul Bunyan Road. Only one lane open for road excavation until August 13th from the Bonnie leading the Way Home Traffic Center Steve Herrera News on T 3.1 Careful care now. Sacramento weather Will be a mix of sun and clouds through the rest of the afternoon highs will be between 90 and 94. A partly cloudy sky tonight.
Fires Ravage Italian Island of Sardinia, Forcing Evacuations
"In the Western US says ABC is Lama Hassan. Devastating forest fires sweeping across the Italian island of Sardinia have forced at least 400 people to evacuate their homes. The far is engulfing at least 10,000 acres. 11 planes are working to put out the flames. Fortunately, no deaths or injuries have been reported. Fire crews,
Bootleg Fire in Oregon Nears 410K Acres, 50% Containment
"The bootleg fire in Oregon the largest wildfire in the country creates a rare tornado meanwhile containment is up but at the same time so is the amount of acreage burning the tornado was confirmed by the National Weather Service it hit last weekend created from extreme fire behavior markets Kaufman with Oregon department of forestry says he saw some of the aftermath looked around when my goodness something very significant happened here you can just kind of sent meanwhile the flu like fire has consumed around four hundred and nine thousand acres and is nearing fifty percent containment good evening related to an expression of our confidence that the control lines that we have in place around the fire that those will hold coffin says at least sixty seven homes were destroyed two thousand houses are under evacuation orders I'm Julie Walker
Multiple Homes Threatened in California as Wildfires Continue to Rage
"Wildfires from Oregon and Northern California to Utah to Montana. Further south, the issue entirely different. It's heavy rain much needed by which have triggered some dangerous flooding. His A B C's are in shock Monsoon rains drenching the Southwest downpours, triggering dangerous flash flooding, stranding men in their vehicle in Arizona's miracle to county rescued by a helicopter from the high floodwaters flash flood threats in multiple states some spots seeing rainfall rates. Topping two inches per hour over parched land, unable to absorb the downpours fast enough in Utah rivers raged in Capitol Reef National Park and the so called The Dixie Fire is the largest wildfire now raging in Northern California. So this Dixie fire has already scorched almost 200,000 acres and is now threatening thousands of businesses and homes along Lake Al Manar's West Shore. Blaze broke out almost two weeks ago near the town of Paradise. Remember that that was devastated about three years ago by the camp fire that killed 85 people? It is 6 50 right now. In
Bootleg Fire More Than 40% Contained
"From other states are heading to Montana, where five firefighters were injured as they work The Devil's Creek blaze near the town of Jordan. That fire has burned more than 1300 acres. There are more than 80 fires burning in the west as conditions for more extreme heat and dry weather Continue. NPR's Amy held reports. Firefighters in southern Oregon are making headway on the biggest wildfire burning in the U. S. The bootleg fire is now more than 40%, contained after weeks of hot, dry and dusty conditions spurred it to more than 400,000 acres. In Montana. Wind driven flames hurt Several firefighters working the Devil's Creek fire and crews are coming in from Utah and California to help south of Lake Tahoe. Some 2500 homes have been evacuated, and hundreds of firefighters are battling the Tamarack fire. We understand the sacrifices being made by all for those who have been displaced, and for the people who are on the line here away from their families. Matt Zum Stein is district ranger of the Humboldt Toiyabe National Forest. We're only at the beginning. It's a marathon. It's not a race. Heat waves and drought are becoming more regular in the warming climate. Amy
What Stories Are Hidden in Your Home? We Talk With History Attic Research to Find Out.
"Welcomed around the house guys lack so you this last week. We're on jeff devlin's stonehouse revival show. How cool is that. He asked us back on board to do research for yet another youthful beautiful historic home This one is centered in langhorne. Pennsylvania is through the underground railroad dates back to about eighteen ten. We love the story especially because of the women that we found in the research. Just picking up the family with horrible tragedies and you know just surviving so the original Land where the house is situated. Today was part of a five hundred. Eighty four acre tract. That was deeded. From william penn as all of the land in pennsylvania was once william. Penn's he was a londoner who was given the state of pennsylvania before it was the state of pennsylvania was just land at the time From king charles and he started to sell off a parcels of acreage to people that he wanted to make sure you know. He was bringing his people over usually quaker sympathetic. To kind of william. Penn's background so the quaker faith came over from england so the original tracks. Five hundred eighty four acres in bucks county which was wilderness at the time and then it got parceled out from the original owner down through family Through the mail side of the family until the owner of the property that actually built the house was the richardson family. They built the house in about eighteen ten And we were able to really track the family stories from the very beginning of five hundred. Eighty four acre parcel down to the families that lived in the house themselves. and way through really their geology. We went through all of the census records. Swear it's cool when you pull a census record you're able to go back and see the names of the people that lived in the house. How old they were their occupation the value of the property. So it's really interesting to take a look back in time just to see what the family make up was
Future Work in Local Food Production
"We have a serious food problem. And according to the international monetary fund the price of food has skyrocketed from a low point during the pandemic lockdown in april twenty twenty food. Prices have increased a whopping forty seven percent. And if you shop weekly like i do. Then you've certainly felt the pinch our once. Reliable agricultural model scaled a food pipeline driven on abundant water supplies millions of acres of rich farmland a huge supply chain and cheap labor the pandemic and climate change destroyed that model to feed the nation in the world we must pivot to a new economic model that supports future work in local food production and jobs and local food will support millions of people in need and their communities. Here are some key considerations for supporting future work in local food production first food that travels long distances to grocers loses its nutritional value instead growing local food ensures. That consumers are better fed and that leads to better health outcomes especially in so-called food. Deserts second agribusiness draws billions of gallons of water from sources before consumers can get their supply however parts of california are into their twenty first year of extreme water scarcity by contrast local food producers use water more conservatively and a local food system enables more people in need to access clean water even when water supplies are low third local food. Production can provide good jobs to people entering the workforce. It also doesn't require advanced degrees to do and work skills. Needed are often easy to learn and adopt
Massive Wildfires in US West Bring Haze to East Coast
"Numerous wildfires are burning in California forcing thousands of residents to evacuate and leaving others homeless god regret much we couldn't get out Tony Galvez and his daughter fled the Tamarac fire at the last minute and found out later their home burned down lost my whole life everything I've ever had except his family kids I got three teenagers John Bradshaw also evacuated his home I'm trying to find out you know the place standing or not meanwhile firefighters continue battling the blaze burning about forty thousand acres you spend a lifetime building places there have been a like a family home and and stuff like that and it's just it's heart wrenching I'm Julie Walker
Oregon Bootleg Fire Grows as More Burn Across West
"APP. An update Now on wildfires around the Northwest, Gusty wind and prolonged dry conditions have helped Southern organs. Bootleg fire merged with the nearby log fire. Combined. The flames are currently the largest active wildfire in the nation. At last check the fire burning nearly 400,000 acres over the last 10 days, Extreme fire behavior has forced firefighters to move to safety zones. And crews are spending the day aggressively dropping hazard trees to help mitigate some of the fire
California Fire Prompts Evacuations; Oregon Blaze Balloons
"At least seventy large wildfires are burning across the west in neighboring states displacing thousands the largest in Oregon the bootleg fire in Oregon is larger than the size of New York City engulfing around three hundred thousand acres less than a quarter containment crews battled around the clock Marcus Kauffman with Oregon department of forestry says the southern and western ends are holding making progress and we're but you know this buyer is you know it's undoubtedly given a state in California more than a dozen wildfires are burning the largest the back with complex at over a hundred and five thousand acres with around three quarter containment overall the fires looking really really good everything is holding very very well however Corey rose with California incident management says there is concern that upcoming lightning could be an issue I'm Julie Walker
Western Wildfires Are Outpacing Last Year's Record
"Red Apple wildfire near Wenatchee prompted evacuations overnight people in 200 homes Told to flee ahead of the 1000 acre fire. This comes as the state raises its wildfire prep level to its highest mark more on that from Cairo, seven TVs Lauren Donovan, seven large fires and small brush fires have been popping up all over western Washington. We are closing in on a full month without rain, and we make it a little bit of Sprinkles on Thursday night and Friday morning in written forced evacuations and looking toward Snohomish County. We saw fire along I five south than ever it yesterday to further North a portion Of the North Cascades Highway had to close so that crews could battle wildfires now in the west of the state. Fires have already burned more acreage than this time last year, which was a record fire season. The
California Town Ravaged by Wildfire for the Second Time in Eight Months
"A small northern California town is ravaged by the Backworth complex fire the state's largest which is burned around ninety three thousand acres and is about two thirds contained myself burned down what can I do that's Beverly hoodie shell on the phone telling her satellite TV company why she can't return their equipment not only is it gone but everything she owns and knowing I did in this world every detail because I'm not a rich person I can just buy another house the grandmother cuddles her dog and cries as she talks about the lifelong Doyle home she lost seventy nine what chance do I have the built in and out rose Roberts whose house survived the fire looks around at all the neighbors who were not as fortunate it's devastating you know you feel sorry for bad we're lucky we got out when I live she says Doyle is a tight knit town with a lot of older people and knows everyone will help as much as they can I'm Julie Walker
Was Grand Central Station One of Hitler's Targets?
"Central station sprawls across almost fifty acres of prime manhattan real estate between train travel and tourism. It welcomes about seven hundred and fifty thousand visitors a day. There's a lot to gawk at its celestial ceiling twinkles above a bustling main concourse bullets restaurants and shops the four faced clog in the middle of the lobby is made of opal glass. But grand. central's most alluring room lies deep beneath its trained tunnels off limits in very much off the radar of the general public. The rooms name even evokes something classified in mysterious m forty the sub basement used to house the rotary converters that powered much of new york city's rail system somewhere between nine and thirteen storeys below grand central station. It's also the deepest place in new york city meaning further underground than the hidden. Money volts at the federal reserve bank downtown. The basement is only accessible through one elevator or unmarked staircase the precise locations of which are secret. Even the terminals official maps and blueprints don't mention the basement m forty two's very existence was seldom acknowledged until the nineteen eighties. Unless you're in the navy during world war two. A naval training film alluded to the mysterious basement marketing. It as the safest place in new york should a nuclear attack occur. Rumor has it adolf hitler. Do all about 'em forty two and wanted to blow it up. Which brings us to conspiracy theory number one. During world war two nazi spies sought to destroy the secret power station beneath grand
Record-Breaking Heat Sparks Wildfires Across the West Coast
"West Coast is cooking record breaking heat, putting eight states in 18 million people under alert. Hot, dry conditions, fueling at least 47 uncontained wildfires across the region. A BCS will cars and Doyle, California in southern Oregon. The bootleg fire scorching more than 150,000 acres in California. Mandatory evacuations near Mariposa County winds driving the river fire to 4000 acres to the north. Dozens of homes destroyed in Doyle, California, The town is now home to the largest fire in the state this year. Beckworth complex fire scorching more than 86,000 acres. Firefighters working around the clock to stop the spread, but it's a taxing job
The History of Grand Central Station
"On a snowy january morning in nineteen o to a train operator entering midtown manhattan missed the stop signs. The train pummeled into a danbury express train on fifty sixth street the collision killed fifteen people on impact. At least forty more passengers were bruised and burned and two died within a week at the time it was the worst train accident in new york city. History there had to be a solution for the smoke from the train. Steam engines that fog the tracks. The new york central railroad's chief engineer william j. wilderness. Had a solution while the phrase lightbulb moment may not have been in the popular lexicon yet wilga said his inspiration came to him quote in a flash of light. It was the most daring idea that ever occurred to me. We'll just wanted to demolish the existing grand central depot and swap out all the stations steam powered trains for electric ones. Getting rid of the noxious fumes would help. Train operators see their path ahead. They could even run underground more tracks beneath the surface. Meant less need for bulky. Train sheds on street level. We'll just figured the leftovers space could house retail businesses and encourage private development. He envisioned the new station as a so-called gold mine and he was right today. Grand central terminal is a bustling masterpiece spanning forty eight acres and forty four platforms in the heart of manhattan. It's one of new york's biggest architectural gemstones and arguably one of the most majestic transportation hubs in the world but any building with so much money traffic and history as its fair share of
"acres" Discussed on On The Media
"Story. The great northern migration is a major way station on the road today's. Crisis and the interrelated racial wealth gap, the net worth of the typical black household. It's just fifteen percent of the typical white one, and the gap is growing, but the paths to the present moment begins even earlier when European colonists built the nation's wealth on stolen land with stolen labor, and then fought over the continuance of slavery to sustain it. In fact could argue that the emancipation induced a kind of mass eviction for African. Americans and it was into a most peculiar kind of freedom. Being. The Negro was three from the bondage of physical slavery. Time, the nation refused to give him land. Make that freedom meaning. As. Martin Luther King often noted the nation was keen to provide millions of acres out west to whites from Europe is a foundation on which to build their lives, but to the former slave. Not a patch stick. Frederick Douglass could say that manage the patient Father Negro. What's freedom to hunger? Freedom to the winds and rains of have them freedom without Reuss to cover their heads. Freedom without breadth eat. Freedom.
"acres" Discussed on Acres of Diamonds
"Some of the things like aesop's in captives for corporations. All of those things are in our battle bag we outline if they in fact our tools to solve a problem a client has we just recently. We had a client builder client that was very successful had a very big company <HES> and like most of us he was in a hurry. You know he had lots of things going on making a lot a lot of money flying as jet doing around to see his projects and all that but he wasn't doing a good job at at like the old saying the cobbler's kids don't have shoes he was just it was not a was not that that he didn't care not that he wasn't capable. He was very very bright but it wasn't a priority to him until we started talking about it and what I said to him is George. Your your legacy is is what you do with what you leave behind it so what you leave behind. It's what you do with what you leave behind. Most of my very wealthy clients want to keep the wealth in the bloodline. Most of them and charity might play a part of that and we do a lot of planning around charitable solutions if that be an impetus but are planning is specific to being agnostic at being able to look at that someone can do without preference and not drive something to buying something. It's we bring in the best. We have a faculty that we bring in after we've made our determination we use marsh as a commercial end of the we use Roy farmer who owns a very largest e stop evaluation company. We use Fred Turner. The American bars vice-chairman on captives who owns a company called active captive. We used attorneys like Matt Brown at Brown stras a wreck Aubrac at Aubrac Barney <hes> the you know the Jeffrey Mangled Butler we I could go on and on and on the attorneys that we use some of them are large. Some of them are regional. If they have the expertise we bring them in to resolve the problem if back the client doesn't have any a specialist in the areas that we've discovered needs some work in. Did I answer your question or not not yeah. That's that's perfect. I mean to me. It sounds like you're way more than your typical estate planning. I mean that's the analogy Yeah Erica Estate Planning firm is typically known to be an attorney. An attorney will look at all the wills and trust to be able to solve so much problem. He doesn't talk about tax problems income tax problems. He talks about a state problems. News or maybe corporate problems. He doesn't talk about income. Tax Problems is talk about income tax solution corporate income tax solution problem <hes> solutions. He doesn't talk about liquidity planning <hes> He may do a a lot of planning to mitigate the taxes on the future growth of assets but what he doesn't do as evaluate all the methods that they need to know about to pay the bill on what's not what's not uh-huh moved out of the state. So you know what we do is a huge help to wealthy busy people <hes> I just had you know one one <hes> financial officer officer tell me that he said don't be disturbed. If the of the wife doesn't sick you know stay around. She has a temporary <hes> she has the attention of Hummingbird. She just isn't really interested in this Scott stuff. I said thanks for telling me so you know I didn't take personal so when we got into the blueprint we were in it about forty five minutes before I realized she was asking more questions and he was she was on top of it. She was was standing up so is he looking at the blueprint. The blueprints of fall rolled up in a tube construction blueprint that shows all of their life and all of their trust and all of the first part of it is diagnostic and so that's what we do do. It's it's really different than an estate planning attorney and Insurance Guy could call him an estate planning and what he's trying to do. Is Life Insurance nothing wrong with selling life insurance but it's a solution to a problem after <hes> you've used the tools holes in the legal community to get rid of the inflation or the tax on the inflation so <hes> we're different and other. I'm sure somebody in the country maybe as thorough and unique is what we are but <hes> for anybody anybody listening to this. You need to call me at eight hundred eight to four three nine one one and ask any questions I mean we'll weren't open book transparencies important to us yeah. You've always been very transparent and now I'm gonNA. I'M GONNA ask a question actually does set you apart from these other folks out there <hes> you so you have the Rushmore Group and you've got the sister company settlement masters. How did they work together so well while they're to shepherd? Entities Rushmore is a and C Corporation and settlement masters is a limited liability company. They were set up separately. They don't function <hes> interchangeably but they are resources for each other. <hes> when we're talking when we're dealing with a UH evaluating insurance portfolios and their effectiveness there are a ton as you know because we've done a lot of these settlement master podcasts there is a ton of elderly people elderly meaning in the eighty to ninety s that have insurance and bought it for the purpose of paying state taxes and those policies are blowing up there underfunded carriers increase the cost <hes> people are having they're getting bills on their annual statements of five times so when we're doing the estate planning oftentimes we're looking looking at that and we're having show masters evaluate their contracts and as you know from previous podcast we do a very thorough analytic drive and looking at how we can keep that policy and then if it's not capable or they don't want it look at the capital market value so that they can see. It's not worth two hundred thousand. It's worth a million two hundred thousand and show that you know makes people happy if they have a policy that they do not want they wanna get rid of show. That's how they work interchangeably changeable yard fantastic and again. I know you gave out the number but one more time we're gonNA close up this podcast. How do people reach out if they have questions about the rushmore group or about.
"acres" Discussed on Acres of Diamonds
"Form the Rushmore Consulting Group and the purpose of that group was I saw so much disparity or gaps in planning King Estate Planning and corporate <hes> benefit planning that it was so paired to me that people needed to have a holistic approach to the planning cycle and holistic approach means that <hes> the the attorney turn just to give an example the attorney does legal work and there's some very good attorneys and there's some attorneys said <hes> you know all attorneys are not created equal so a good estate planning attorney can the type the work that he does can vary dramatically weekly but that's what they do they. If you WANNA call it sell trust to solve problems then the accountant he keeps the numbers he follows the line trying to keep the tax bill down and and doing that kind of thing typically. That's where the box they stay in the insurance guy. He's out there selling charge because he thinks that's the only <hes> solution to the problem. The commercial insurance people all they're doing is mitigating commercial risk and I thought this is crazy the business business owner the estate owner they gotTa Talk to all these people to get their plan together and frankly it's like building a home talking to the electrician deciding what he's going to do talk into the cement guy to deciding what he's going to do that doesn't work you need a general contractor and general contractor will hire an architect and the architect designs the entire look of what they're doing and all the aspects of that are needed to be implemented so that's what we did with Rushmore. We became a holistic planner. We created what we call is. The blueprint and the blueprint is designed just like a construction blueprint and it identifies all of the things that are out of sync that are risk oriented oriented Brooklyn in their business documents and their wills and trust in their financial planning in their commercial insurance. It's a mitigated M._R._I.. If you will to be able to determine here's where you are now now you don't have to do anything about it but it does give you a picture of all the risks that are relevant to your current situation and then we outline the solutions the things that they can do in the legal accounting financial commercial and and <hes> liquidity planning areas that can help them resolve the problem for information is not knowledge is analogous powerful and when people have knowledge <hes> they look at planning as a as a current exciting project Jack like building a new house Bob a moment ago. You're talking about being an expert. What makes an insurance advisor an expert well I? I almost hate to use the word expert because at kind of drives people into. you in a different area. What we have done is become a great student of what the attorney does? What the account does what the Kershaw insurance people due to the point where we can identify areas that need to be addressed? Whether were you ca class where members of the Trust Estate Planning Council Outta London we are very active involved in working with family offices and large corporations and and people that have means to be able to help them. You know the direction they're going bank shoes. Trust companies uses estate planning journeys us as a simply because we do something that nobody else does in that as we look at all the tools at a corporation could use that can help reduce tax reduce liability ability outside a commercial insurance we advocate commercial insurance and we have one of our pros. One of our tragically members is in charge of Marsh McLennan and they do <hes> the audits on insurance contracts to make sure that people's <hes> commercial show insurance is in place when we present the the blueprint it is a <hes> it is a amalgamation of expert opinions because we use outside counsel outside experts to review to our findings to make sure we're on point then we take people to the legal and professional community that will implement we are the architects and the architect needs to know exactly the bearing walls they were the plugs go and and all that stuff and that's what my team knows so you know if we're an expert it's because we are vetted by all the best and when we get done we get concurrence. We typically hired by the law firm so that we can have the the client can get attorney client privilege all his private information so it's the law firm typically is who hires us and pays us and so you know that's kind of a general picture Eric of our expertise on previous podcast. You've spoken about how I policy. Specific specifically is constructed and I know that you've got extensive experience with that and you've you've done that for a number of years. How does have that type of knowledge should help you with your clients well when we do after we do all of the things all the planning recommendations for an estate alliance and a state client is someone that's typically they have thirty the fifty million or more in combined assets businesses and other other assets at we're not we do work with people that have lesser amounts but typically they're over twenty five million dollars because the the tools that we use the problems problems that we saw are typically used by heavy every wait <hes> things what we do in the insurance area? Remember insurance is an asset classes. It's deemed that by the courts so it's indisputable it is a asset in class. People don't look at it as <hes> that they look at it as an expansion set of an asset instead of an investment but but what I do is I helped people look at the fact that it in fact is a line of credit and it's something that will be paid and it will be paid to your heirs to make sure that your home and your assets don't need to be liquidated and it the biggest problem that it solves inter-family arguments in a one of the biggest things that happens in an estate is a families end up. I'm not talking to each other and money does change people but back to the policy. There's a myriad of things that we do in constructing what a policy looks like a policy of life insurance is nothing more than in a liquidity source of money source and when the proper legal authorities do the planning to reduce the future growth and the future dot growth but the future tax growth on someone's assets what they've done that fat then there's always a immediate cash requirement to solve to solve the tax issue and that's where we come in and do a cost of money study and when we do a cost of money study we look every facet of where client can obtain the money or his family can to clear the debt that the I._R._S. has created for them so life insurance and dissecting it and restructuring it is what we do. It doesn't many times. It doesn't even look like a retail product. You know it's there's many forms that we are special specialists in and I and I would encourage people that are listening to this to understand that the planning is precedes seeds any solutions and I can't emphasize that strongly the blueprint does not drive clients to a conclusion where somebody's GonNa make money. It drives a conclusion to determine where you're liabilities are are where you can protect yourself against bankruptcy law suits <hes> many times substantial amounts of taxes can be saved without taking anything beyond the law and and we help clients evaluate and and <hes> understand how pets so life insurance comes in the latter part and it's a liquidity solution of money solution when it comes to after you've done your planning and you got things in place and I understand what you're doing then you look at how to fund the cost of the money the tax by because you could you could pay hundred forty percent for that tax money or you can pay thirty percent so it meaning that if you if you needed ten million dollars you could pay thirteen fourteen million to get the ten or you could pay three <hes> three million to get the ten and it's you know over your lifetime showing. It's it's. It's a design issue. I I hope that's answered shared a little bit of what you asked me absolutely and and one of the things that you said and you said I'm previous podcast as well as insurance is an asset right. I mean that's that's the bottom line. Tell me how an asset is different than what most people's perceptions of it as you you Kinda China said that they look at it as an expense right by doing an asset people tend to put life insurance into the same bucket as car insurance liability insurance all the things that are should dues but not want twos in other words people. People are always thinking of this is an expense. How much is it GONNA cost? They shopped there auto insurance every year. They shop their liability. Every year. <hes> that's just the nature of that product. That product is a commodity. It's a great great great solves great problem <hes> but it's not something that is the same as a life insurance contract. You don't know if you're ever GONNA get money back from a liability insurance got. I've added insurance on my the homes for years. I've never made any substantial claims. I've had you know car insurance. You gotTa have it but it's should do and so what we do is people end up wanting if I use the word wanting to have the liquidity that costs them eighty ninety percent less than any other method if they want to keep the assets in the family and and have them generation only passed down without without taxes without liability. I mean you do something for your kids today that they can't do for themselves nor can you do for yourself and that you can protect the kids from broken. DIVORCE ASSET SPLITS <HES> LAWSUIT LAWSUIT LAWSUIT LOSSES BANKRUPTCY LOSSES. You know just all kinds of things that you can't do for yourself. You can do for them very inexpensively and we help clients understand that eighty eighty percent of the clients that we have even those that have done good legal work eighty percent of them have substantial <hes> missing blanks in their planning and we help them correct that we don't throw the attorney under the bus we we collaborate with the attorney. The attorney typically hired us when there is an issue or the attorney miss something we do this. We convey that information to the attorney and we let him bring it up. <hes> show that ease the winner I I don't WanNa be any you know I don't WanNa make him feel our client. Feel that it. They have the wrong people so we don't do that yeah. That's that's I mean that's important incredibly important so <hes> absolutely bought it's incredibly important to maintain those relationships <hes> and and and <hes> being able to put the adviser on a pedestal almost backing them up. That's that's huge. That's each for their relationship with their client your relationship with <hes> the adviser that so that's fantastic now I want to switch back to the Rushmore Group. Is that okay with you absolutely okay. So what does the Rushmore Group do that other state planning firms might not do well you know when you say estate planning groups that kind of <hes> lumps attorneys. I mean that we don't practice law. That's not what we do. We don't draft documents. We look at attorneys as contractors and we look at us as are there are a lot of people that talk that way but what they're trying to do so life insurance or they're trying to get you to buy something and the planning is designed to lead you to that conclusion. We'd do that what we do is we. We tell it as it is. We lay out the problems that exists whether their tax issues are documented issues or the lack of liquidity issues. All of those things are laid out as these are issues there gaps <hes>. Do they bother you and you know when somebody tells me they WANNA keep the assets in the family for the kids and the bloodline they don't WanNa inundate the family with too much money too fast but they want <hes> make sure they got a safety net for the family then I know that it has to be handled properly and all those things have to be looked at so our teamed builds a agnostic. If you will approach into all the things that they can do legal financial commercial insurance.
"acres" Discussed on Acres of Diamonds
"Two seven seven two four three. And Bob you. And I've talked about this before every day seniors are losing out on opportunities because they just don't know they're not advocating in this or their advisors aren't educated in this. So I want you to close with that, quote, that'll hope hopefully push somebody over that edge to say, okay, I do need to make that phone call. I, I need to stop hesitating. I need to stop waiting or procrastinating and truly look into this. Yeah. First and foremost, advisors are listening to this. Please understand this is not a little on one off type of thing. It is something that's mandatory. If you're going to follow the new Sherry laws. CFP CA chip, see and most of the carriers that are requiring making settlement on option when somebody's cashing in and or lapsing policy in the ages of sixty and older don't ten thirty five policy into another contract without having a third party. Do all the evaluations that I talked about. I always say this. Because if you don't believe that there's a problem, call me and let me talk about it. I'm not trying to hype it, I'm telling you the facts you're going to see more and more lawsuits of producer a breaching. So here's my quote that I live by. Don't don't do this on the planes of hesitation bleak. The bones of countless millions that on the beginning, or dawn of victory just before they're going to finish the story, Asli, they said, no wait and think about it, and they're they thought about it and thought about it and sought about it and died and nothing happened until they got sued. So please don't let that happen to you us advisers have to be today more proactive than ever before. So say the regulators, please give me a call at eight seven seven nine two seven seven two four three. All right. Thank you so much. Bob pre she at the time again today. And thank you all for listening to the acres of diamonds podcast with Bob Larsen. If you've not subscribe to the podcast yet. Please click the. Scribe now button below this way. When Bob comes out with a new podcast, it'll show up directly on. You're listening device. This makes it much easier to share these podcast with your friends and family again. Thanks for listening today for everyone at the settlement masters. This is Eric Johnson reminding you to live your best day every day. And we'll see next time. Thank you for listening to the acres of diamonds podcast. Click the subscribe button below to be notified when new episodes become available. The content has been made available for informational and educational purposes, only the content is not intended to be a substitute for professional investing advice, always seeking advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.
"acres" Discussed on Acres of Diamonds
"Transparent that to any liability. It is that you're exposed to because they want to be able to tell you could your life insurance. Con contract be better keeping it. Or does it mean that you should you should sell it? It's an economic decision. The, the, the broker and providers. Don't do this provider is now many of them are trying to go direct. Beware of going direct with the provider beware. In fact, the television commercial is a provider, but you must be where they tell you that you can get more for your money, going through provider, ninety nine times out of one hundred. That is absolutely incorrect. Your, your Representative should show you all the ways that you that you need to look at and sign off on and not only sign off on the owner side off on and sometimes have the beneficiary sign off on all the ways you can keep your policy, and this is important and the Khan and contract. Comparison is keeping it versus selling it, there's a mathematical comparison I might better in the net present value of keeping it. Meaning about you right now today better in keeping it based on my mortality based on the cost, and I'm gonna have to use to carry it, or is it better to sell it take the money pay taxes, if there is any and invest the money and stop paying premium in use that money to gift or give it to use it as an investment. That's important that everybody signs off on that by being given all the financial information. Now there's a case that I can share with you. The brief and I'll detail a little later on. The next question that you might ask me, and I hope you do in that is a case from a major trust company. They gave us their larger client, the client has policy was very damaged due to cost of insurance increase interest reduc. Action and loans on the policy, everything that could go wrong. With policy had happened. The premium going forward was a half a million dollars a year on a five million dollar policy, and they couldn't pay five hundred they couldn't pay to fifty that couldn't pay hundred they'd been paying seventy thousand and seventy thousand would only keep the policy another year and a half, and then it would be lapsed all the cash value. Big on they'd have nothing. So their determination was drop. It cash it in for what we can get and go on as a bad decision. When we were brought in end we did all the evaluation, making sure they understood all the things they could do to keep it. They ended up with a retain death benefit offer because they needed some insurance leftover and reminder is that that's a where the buyer buys at all, and legally collateral signs back fifty percent or more of the death benefit to the trust. Excuse me that owns the policy. We did that the client died. And four months and everything was fine. They got two point seven million and said nothing which they would have not had anything they done what they plan to do. They got two point seven million, but addition franchise, grandson did like it, and I'll tell you a little later what happened. So I mean that's, that's a risk. Is there any liability in selling the policy? Absolutely may not be for you, but you're creating for you potentially a lawsuit, for your family, and we want to mitigate that up front. Absolutely other any other risks that we need to cover today. Well, I'll just recap by saying that again, it, it boils down to who you're dealing with mostly because you're dealing with the professional that's got extensive life insurance, experience, a lot of these issues will be taken care of before the problem. Now, you could find that out through your legal community through your CPA community. If someone is prominent in the life insurance, business, and they are broker also that typically would be known by the community around you. If not go to their website, talk to them, extensively client needs to know all the ownership parties have signed off on the ways of keeping versus selling and institutional market. And this reduces the risk about ninety eight percent of any kind of misunderstandings or having the family in this grandson experience. He was disenfranchised. He sued the trust company, the trustee, and he was about to show us on this case, where we cleverly signed back. He won. Part of the five million of the two point seven million. We got wind of it through the trust company before they this before they identified us, and we sent them are detailed one hundred fifty page compliance report. Bottom line is they dropped the lawsuit on the trustee, and the trust and didn't name us because it's so thorough. And it just covered everything that could be that needed to be known to make a good financial decision. So, you know, that's that's what needs to happen. It sounds to me like the answer to all of this truly is finding a company that's going to be transparent. Everything that they do this. All right. Any final thoughts for today? Well, we create a full as I said, one hundred fifty page compliance report for the family. If it's owned by a trust the trust company, the attorney and the advisor. So every step is a dente fide and signed off on by all the proper parties. In our feedback on this is convinced it's so convincing. And I and I wanna credential is that Lloyd's of London agreed that our report is a major risk, and liability may mitigate her and the grandson lawsuit would was would have been eliminated or was eliminated because of our compliance and it, and that tells us Lloyd's of London said that we're the only settlement company in the industry that they will ensure and it's also enabled us because of London and our compliance report to extend in oh to every advisor on every case business through us in our system. Fantastic. All right. If they want, if somebody wants to reach out and talk to you about this. Whether they're an adviser trying to get into this into the settlement market, or if their family that says, hey, this sounds like something that I might need. How do they get a hold of you 'cause my name is Bob Larsen? I'm the founder and president of the settlement masters, go to our website. Look, up and ask for referrals. We want to tell you who's done what we have lots of letters, stating that people are really happy attorneys are really happy. She as you're really happy. They trust. Call us at eight seven seven nine two seven seven two four three we're fully transparent were supportive. The only reason we have the respect that the professional community is were really objective of attempting to give a client, everything that we know of in the in the legal realm of what would be the right thing for people to know before they make this transaction and we were supported by. Responses back from the legal community. And you know, even some of the prominent attorneys in the country. Larry Brody Bryan, cave said to people that they better, the professional community that at the attended echoing institute that they better be aware that the settlement problem has got to be known by the professional lawyers and accountants because it's affecting the seniors that are eighty and ninety years old, and they better find a third party. The didn't sell the policy that has extensive life insurance business that they trust will give an objective review. So call us at eight seven seven nine two seven seven two four three. We got a full array of training programs podcast and webcast that can help you get up to speed help you learn how to prospect in this market. Call us Bob Larson at night at eight seven seven nine two
"acres" Discussed on Acres of Diamonds
"Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast, flop, talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello and welcome to acres of diamonds with Bob Larsen from the settlement. Masters today, we're talking about the l word. It's not a good word. It's kind of a dirty word sometimes, but we're going to be talking about liability. Good afternoon. Bob. How're you how good thank you? I know that some people use liability as thirty word, nobody necessarily likes it a huge amount. But why are we talking about liability today? Well, first of all, the L word when I was dating many years ago. The love word. So now we're talking about the liability word. Let me just give you a quick overview before I get started in discussing specifics liability or risk than a client takes when they sell their policy. It could be a number of things. And if you're dealing with the right people, it won't be an issue. But a client must know when they're selling the policy just as an overview, one who's buying my policy. And, and I, I say that because some of the funders are not institutional funds. They are investor groups and you don't want that you don't want to have small investor groups, only mom and dad's policy. Why is that a liability? Well, it's perceived a big liability, because their incentive, which is kind of creepy could be that moms death is more important than it should be in an institutional fund. It's merely regulate. Dated, and it's merely an asset that they fund as correlating the return based on the mortality structure in it's all overseen by regulators. It's clean and there's not a problem. The second is that the policy should always be bid in the open market. And that makes some sense, just like in selling home. You don't just take one buyer, the first buyer that comes along. You leave it open for a while. You want to know in the process, if the policy has been currently evaluated because there may be some things within the policy that you don't know about that could be better than a settlement. So if an evaluation that's objective, and not driven by someone making a commission or a fee for settlements. That's what you need to do. In every case, the you know, most of the settlement brokers our providers care about nothing else, but selling the policy, and they give you numbers, they give you what the bid might be or what the funder is willing to pay and you really don't know who the funder was, and so on. So there's a number of risk issues reliability issues that I'll explain. All right. So let's get into what is the first one. Well oftentimes when we're looking to, and we're reviewing and doing an audit on clients insurance portfolio, that's in their ages of eighty to ninety there is a need for life insurance, but the policy has been damaged by the CEO. I cost the. Cost of insurance increase. It's happened promoted by fourteen different carriers in the last two years. And it's you know it's doubled and tripled the premium. So oftentimes they need the insurance, but they can't afford it. So when you when you when you need the insurance at and, but you can't afford it, and there's no way you can afford it, and you're going to drop it or you're going to cash it in. And that's what you're going to do because you'd rather have the cash value or price better than than keeping it. But you need the insurance. And that's the primary issue. But you know, you can't keep it so dropping in his only thing that you can consider unless you find some reputable firm that will represent you in the secondary market. So they what we do is we try to find a fund that will buy the contract in its entirety the policy and collaterally sign legally. Collaterally signed an agreement with the insurance company that you will get fifty percent or more of the death benefit without paying any future premiums show. Here's where the risk is and states other than California. New York, what happens is a provider, could very easily not have the capacity to keep paying that policy because of their underfunded as a provider, or they're underfunded as a fund, and they end up not being able to keep the policy then by law because all the states are regulated all forty four forty five states, a regulated right now by the Saint germs commissioners, they have to by law return that policy back to the client that sold it. So here's the problem. They the the, the funder the buyer has probably bought the contract. And because they were too lean to. Keep the contract for the life of the insured. They ran out of cash, and so they probably minimum minimally funded the contract. Meaning they only paid the minimum out. They had to, to keep the contract going each year while in doing that. You're underfunding the long term benefit of the contract, and it will run out of cash, if the client lives lives, too soon, and then to keep it going, you have to pay sometimes five or ten times what the actual premium that the policy owner was paying while they owned the policy. And when they give it back to the client to the Trustor, owner of the policy, all of a sudden, it becomes Bassetti unaffordable, and that becomes a major problem. So you've got you've got to make sure you're dealing with a highly respected a highly trained broker intermediary that vets all these things and. We'll make sure that that client never gets into that situation. You gotta deal with a knowledgeable broker who's got bashed, high end advanced insurance knowledge, who only bids with multibillion dollar funds that, when they buy a contract, they keep it in the fun for the life of the individual, and they're not limiting this to a limited fun. They're like the one we deal with both of them the providers represent eighty percent of the buys in the market. They have billions of dollars in the fund and they're, they're blush with cash, and they buy it, right. They pay more in most cases, the highest prize because there are long term investor, and so that's, that's what you need to do. You need to be aware of that risk in the category of retain death benefit sale. What's the next risk? We're going to touch on today. Well, the, the policy owner must know that the policy that they sell, and this is something that's not told to clients and are selling policies. I can guarantee you that when they sell it, it reduces their capacity to buy life insurance in the future. Now, most people don't know that they can't buy an unlimited amount of life insurance. It sounds like why not let insurance companies in reinsurance companies will only take risk where they
"acres" Discussed on Acres of Diamonds
"Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast flop. Talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to acres of diamonds with Bob Larsen from the settlement masters today. We're going to be talking about selling more life and annuity business through life settlements. Good afternoon. Bob. How are you? Good afternoon. Harry today's good. Yeah. It's a beautiful day beautiful day to talk about selling, right? I think that's a good thing. Sales people. So yes, let's get it on. That's right. I think that everybody can be a sales person if they're passionate about what they're representing. And if you don't have the passion, you're just somebody slinging mud, basically, you've got to be passionate about it. And I know that you are very passionate about the settlement industry itself. And we've talked before about the opportunities that are afforded people that work with life settlements. And so and you've discussed the fiduciary responsibility talking to seniors about life settlements in what an advisor role is. Can you tell us what some of the other opportunities that has first of all I'm passionate about helping people that are not being helped. And they're in that senior class, which is it's a class where there some of which are left behind and some of which are used in a way, that's not Integris. Those laws are the anti discrimination acts against seniors. Have been brought up many times by regulators relative delight settlements in that carriers must notify seniors. If they're over sixty five if they're dropping are cashing policy in that a settlement might be a good option. Why is that? I mean when you stop and think that the regulators are doing that. It's apparent to me that there is some reason why every professional adviser on this wet podcast should put this in his battle bag as a process, not a product, but a process of helping people analyzer life insurance contract. I'm sure you're all aware the fact that thirteen carriers raise the cost of insurance internally in the last twenty four months, it is busting up life insurance policies. It's worrying them out. They're dropping like flies five hundred thousand last year dropped her cash in their policies. In that category. And only like minor part of less than one percent did a life settlement. But here's the interesting thing, Eric they interviewed as many of those people as they could that actually drop their contractor cash it in and they said, did you know about settlements? And they said what is the settlement? And so when they were told what a settlement was they were angry. I mean, if you give something away at a crotch sale, and you found out that it was worth millions of dollars. You'd be really upset. Yeah. A little bit in these people are really upset. And if you don't think there's going to be lawsuits regarding the advisers around them, you gotta think about that again because it's going to happen. There's already from Mendes pressure on carriers for an example. I believe it was Georgia came out the set any carrier the disciplines in adviser for. Offering a life settlement will be penalized. Because they recognize that this today is it's cleaned up industry. It's an industry that's got a purpose, and especially because of all that's gone on in the life insurance world that's been negative for seniors. Not only that the estate planning attorneys are clawing at these guys. These wealthy seniors to use up their unified credit the tax free amount. You can give your kids because in twenty twenty-five. It's going to go back down to where it was dropped from eleven point four down to five point four. So they're going to lose six million dollars of tax forgives. They can give their kids. These people have life insurance contracts. They no longer need. What in what they're doing is? They're not paying premium. They're letting it ride let it ride the internal cost eat up the cash value short the death. So when the death benefit runs out. It's all over. Yeah. I'm passionate about that. Because it's helping people that are not being represented today by the adviser community. Yeah. I talking about. I mean, can how frustrated with those people be I'm still frustrated that I got rid of an old bicycle I had I had an old orange crush bike. With a big tire on the back a small one in the front head old gear shift in there. It was really cool as like a hot rod looking bike. And I looked that up about a year ago. Now, it's like twenty five hundred bucks. I'm mad that I don't have twenty dollars not alone. Two million. Wow. Yeah. Nobody wants to lose out on that stuff. So the life settlement process, I know that you've told me before and just as I'm learning from you that advisors have tremendous amount of opportunities and process done by professional opens up. All these opportunities cleaning up gifting grandkids education. You brought that up before like you said just now state planning. What else is there that they can really tap into? Well, it's converting shopping. That's almost nothing into something. That's worth a lot. These people. Most of them are not in the wealthy class. There are a tremendous number of policies in irrevocable life insurance trust. But I'll talk to those separately the ones that are have been estate planning and no longer needed. And trust me, I work with some of the top law firms all over the country. And every law firm is trying to get the client to use up the unified credit that tax remount, they can give to the kids because of this reversal that's going to Kerr and twenty five. So if you don't know that call me, you can call me at eight seven seven nine two seven seven two four three call me. And I'll explain that to you. Because when it goes back, it's going to be awful, if they haven't used up the credit, so anyway, cleaning up gifting there's a lot of times people want to do things for their kids and grandkids and a lot of them want to do it. But they can't afford to do it because they have so much money for retirement because the bulk of these five hundred thousand people that drop their contract weren't in the wealthy class. They were okay. They were retired. And they needed more retirement income, some of them have enough, retirement income and gifting to the grandkids while they're alive. Shane with. The grand kids are kids are able to do with that money is just a very rewarding thing for that. I have one client that had done great estate planning by great firm. They no longer needed the life insurance. And so they came to me and said we're thinking of cash it again. And I said there's maybe a better option, but we want to look at both. And so the cash value and the policies was two hundred and thirty eight thousand dollars or somewhere in that two hundred and thirty thousand dollar number and the value of the contracts was a million five so they decided sell the policies, and they did what's interesting is the son who was really not really someone that had shown a lot of industry a lot of potential. The mothers said I'm going to give you this to you on one. Option. You must invest this money into real estate you get to pick. But it's gotta be real estate that pays an income to you. They said, well, what do you mean is? So she explained to him, and he went out and started looking for real estate any bring it to his mom, and she's no you decide here's what you want to look at how much do you pay in what percentage of income? Do you get? That's all you wanna know. You wanna make sure you know, how much you have to pay and what is your net income after any expenses. He built this was a five million dollar policy. He built a seven and a half million dollar real estate portfolio and seven years with that million and a half, and he did it. He's got more money now than he would have had if as mother had died in that money is going to for life pay 'em, a substantial income that was really great mom's still alive. She's in a nursing. Home. But she really is show proud of her son. She taught him how to take care of himself, and she did it with just gaps grandkids are the same a lot of parents would grandparents would like to pay their grandkids education if they sell their policy, they don't need or that's not working they can't afford. They may have enough money to do that and done properly. I give out a book called the greatest secret in this book, it talks about how a billionaire I had destroyed his entire family, and he had one grandson and how he raised his grandson by teaching them how to gift and the grandson grew up to be a great philanthropist. He was the only non in abled person in
"acres" Discussed on Acres of Diamonds
"Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast flop. Talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to the diamonds with Bob Larsen from the settlement masters today is part two of just a two part series that Bob is doing and really he's just answering my questions, and it's been great. But the theme is how to market for life settlements. And so this is part two. We did part one last time. And before I recap that I want to say good morning, Bob. How are you? Good morning, Eric. I'm great. Thank you. All right. Do you mind? If I do a quick recap on what we covered in the first podcast. I think that would be great. All right. So I asked Bob a series of questions and he answered them. So I'm just going to basically give you some of the questions audience. So that you can know what we spoke about. And if any of these trigger something in you that, you know, hey, I need to learn more about that. Go back and listen to that podcast. All right. So I asked Bob when it comes to marketing aspects of life settlements and making an important part of your practice. What should people know? And he really covered that how individual advisors can add it to their practice, and maybe some of the conversations that those advisers should be having with their broker dealer or their insurance companies to make sure that they can or at least broach the subject, so they can begin that process. We know that there's been some things in the history, and I asked Bob a little bit about the history, and what the settlement industry has gone through with insurance companies and broker dealers. And he gave us a little bit of insight into that. And then we spoke a lot about marketing, and what information people need to get started. He covered that in the first. Cast. I asked him what some of the values were that Bob has mentioned in previous podcasts that people should be looking for that professional specifically should be looking for in a broker when they're looking to do settlements. And so that kind of brings us up to speed for today's podcast. Are you ready for more questions bomb? I'm lacking moated. All right. And this is one of the favorites. I'm assuming from all the advisers listening to this right now. So assume you've gotten everything from that first podcast. You've got that information. You've got that foundation. You found a company that you wanna work with now. How do you find the prospects? Well, I'm going to tell you. I just got back from this step national convention, which we sponsored as a company settlement master sponsors every year, the attorneys and accountants national convention for the society of trust in state practitioners in that meeting. The top attorneys in the country all from east coast to west coast are on the DS speaking about. Issues that have to do with the state planning. It was amazing to me how frequently they talked about fiduciary responsibility, and how they should make sure that anything that they know of that could affect the clients wellbeing or the state's wellbeing that they tell them. Now, I want to tell you that you just asked me a question about how do you find prospects? But I wanna to tell you one of the hottest items to find prospects right now is to talk to the CPA community and the estate planning community about fiduciary responsibility. Now, the state says, you know, Eric, we've talked about this before state by state is having a regulations created and mandates created for the carriers that they have to notify clients that are over sixty five that drop or going to cash in a policy that a settlement might be an option, and they have to do it. Because so many times. Times somebody will be told to drop something by their CPA. And I've had that experience where a CPA told a client. You know, you can't afford the conversion of the term, you might as well drop at your state has been reduced since you bought this so drop it, and then I was brought in later by the law firm to evaluate the other side of the coin, and that is should he drop it? And if he doesn't drop it what is available in the settlement community, and in this particular case, I got over a million to to the client that changed his whole life change the business format allowed them to build a national catalog that I told you about that has Guirec it'd the company CPA's and attorneys right now are hearing the word fiduciary coming from there. The national tax update seminars that they attend a echoing. There's three of them that go on that are primarily national heckling and Florida the step confession in Newport Beach Calif. Gornja and the California tax association. Sandiego all of those are the same speakers. They're all talking about the same thing. So you asked me a question. I'll tell you CPA's attorneys that are state planning attorneys, then you show them. You know, the key to our success is this is not a sale. It's a service settlement planning is a service. It's helping people understand the economics between keeping their contract using all kinds of models reducing the face amount. Adding more premium of making a go less further than an originally planned to compared to the actual sales price to the open, Margaret, it's a mathematical decision that they should have the right to make a client should know ninety percent of the five hundred thousand people that drop policies last year express, the buried distinct concern that their advisers. Had not mentioned to them that they should have a by the way, they said you should have someone other than your own insurance agent evaluate the contracts stability and compare it to the institutional marketplace. And that's what we do. So of anybody's listening, and they want to have an outside company that will partner with them. It's us we'll do all the backroom work. We'll give you a covenant not to compete. We'll give you Ian on the case. And we'll do all the work for you. And you'll get the bulk of any fees and commissions that are if the Salva goes forward, so CPA's and attorneys are ripe for this charities are ripe for this charities have policies given to them all the time, and they have no clue as the viability of the life insurance contracts. So you need to talk to your charities. Do you have a independent very objective evaluation done on your investment pool of life insurance contracts? If they don't believe me, they're gonna lose the asset that they thought they
"acres" Discussed on Acres of Diamonds
"Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast, flopped talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to acres of diamonds with Bob Larsen from the settlement masters today. Bob, and I are going to be talking about how to market for life settlements. In fact, mainly Bob's could be talking about that. Because I've got a lot of questions about it. And I know that there's a lot of advisors out there and a lot of professionals that have these same questions. So let's get into it. Good morning, Bob. How are you? I'm wonderful today's day of completion. So I'm expecting miracles to occur. All right. Good. Sounds good. We're talking about marketing for life settlements. Bob, the marketing aspect of life settlements, obviously is an important part to make it part of anybody's practice. What would you tell those professionals listening worship? They start. Well, Eric, it's a good question. That's a good place to start when the profession of selling starts with informed objective knowledge in the belief in the service that you have it's a game changer. What I mean by that is that most people that expand their practice into areas that they have not been in before half the deeply believe in what they're doing. If a professional goes into it just for the money that sarong motivation, if they really believed that the service that they're performing is a game changer for people. And if they really believed that it's the right thing to do for seniors. It'll make all the difference in their marketing. So anything I could tell you about marketing would be mechanistic unless they believe it. And I can certainly help them do that. Because this six the damage is being done on the senior community is tremendously bad. And so yeah, the belief is really an important part along with knowledge. Yeah. I I've been. Told for years that I could sell ice to an eskimo. But what people don't own. I correct them on those at know what I'm talking about right now, I'm very passionate about. So that's why I'm very convincing. That's why I bring my point across. But I couldn't sell something that I didn't believe in. I don't think that I could be a used car salesman. Bob, because I don't know where that used cars been I couldn't stand behind a product like that just because I don't know the history, I like to know everything and I liked to know all the facts. So what was the what does a professional need to know about settlements to be able to add it to their practice? Their first thing is that settlement is not a product. When I hear people talking about they're going to shell settlements. I correct them. Like, you would correct someone that says you could sell issue and ask them all it's not a product. It's a service. It's a process and a service and it's important service right now because the market is in demand of people to look at their life. Insurance contracts and determine whether or not there long term, or are they impacted by the CEO, I cost the cost of insurance increase if that's impacted then the service of reviewing their contract in looking to see if that contract can be saved if it can't be saved. And they're going to let it go. Then exchanging it in the institutional market, maybe a good choice for them. Give some examples that you can give us. Yeah. You know, this is the important part of what we do and believe sometimes comes from your own experience. And sometimes you can borrow the experience of others and say, I know this story, I've heard of this are the people I work with that this happen. The first one I wanna give you I'll just call him. Pat, Pat was referred to me by his legal team Dowling deli and Keillor in Fresno, California. And it was during a period at pats clothing business, which was profuse it had stores all over the country. But for some of the reason it was not clicking as it normally had. And so the the law firm asked me to command and vet a recommendation came from their CPA about not converting their term insurance letting it go because right now the economics of the clothing business wasn't what was needed to take on the additional. The cost of insurance. Plus in addition to that is a stated at reduced drastically. So the CPA said, you should drop this. Well, when I went out there, I said, the m what is it going to take Pat to make your business grow and get through this period. And they said I need to do national catalog if I had a catalog, and I distributed nationally, I know based on the quality of our firm, and our reputation things would turn around quickly. I said why don't you do it? He says it costs to half a million dollars. They said, well, why don't you go get it? He said, frankly, Bob this personal confidential, but the Bank has cut my Lanta credit off. So I said, okay. Let me see what I can do. Let me look at the insurance portfolio as an asset. And let me see if there's anything in there that I can tell you might help. So I went back, and I had my team do all the things that we do collecting medical records and packaging it and sending it to actual companies. And what I found was the term. Mm policies that the CPA had told him to drop we're worth almost a million twenty five thousand dollars in cash him. Now if he were to settle the contract. He absolutely was not going to keep them. The CPA told him get rid of the policies because at the end of a term of a term policy the premium converge to permanent at his current age. And the premium was going from seven thousand a year to seventy thousand a year to maintain a permanent contract. And he just didn't have the money the night the million twenty five thousand dollars went into a catalog and work related. Money's the catalog is now being published nationally it is the number one profit center in the company. Do I feel good about that? When I called him and said, I've got over a million dollars. He said don't play with me, Bob. I've got a situation that serious said, Pat, I'm not kidding. I'm telling you that the market. Has claimed that your policies are worth that kind of money. Another case was a family that had done great estate planning. And they had all
"acres" Discussed on Acres of Diamonds
"Including an asset. Call life insurance. And so it's truly an asset. The real value of that asset is determined by what you put in which it back, and we do that as part of our keeping analysis, and that is what is the internal rate of return on your investment of your life insurance contract. If the premium is gone way up we calculate recalculate what the investment return is as a comparison to what might be available in the institutional market for that policy. So if you can get him a million dollars now instead of waiting to get two million dollars when the client is sometimes at a reasonable growth rate that million dollars will be worth more than the two million. Sometimes sometimes they need the cash for long term care retirement. You know, sometimes it's different of what they need money for. So all this is a way to mathematically compare what? The settlement market could give them an excessive the cash surrender value compared to the pricing of the policy to keep it. So they can look at that and make a family decision. And we ask everybody to sign off on that. They've been fully informed, and then going forward everything is transparent relative to the process. That's great. Hey, thank you so much for your time today. Bob, do you have any other closing thoughts today? Well, you know, what I understand the psychology of all of us. And that has it's easier to put off things that aren't pressing or they'll don't give us immediate gratification. This is not this a character decision. It's a little different than most because you can turn something that isn't money today into money for today. And if that's if that makes mathematical sense, then it's something that gives you current sense of satisfaction now. So I would I would say take action on this get involved in it if you have a life insurance contracts, especially if you're in the eighty to ninety category or. Seventy five with some medical history. Get involved now, call us and let us help. You our number's eight seven seven nine two seven seven two four three ask Redonda Kyle or Darrell Hegel, the Daryl's our director of operations dyas in charge your client relations, and they'll give you proper guidance in terms or educational process. So that's what you can do. I long time ago. I learned something that helped me make decisions and as a poem so bear with me. It takes two seconds on the planes of hesitation bleak the bones of countless millions that on the Donna victory. They sat there did nothing in till they died, so don't sit until the policy explodes because you can't fix at that point. Don't keep a term policy beyond its conversion period in in wait to think about it because it will be worthless. Make a decision to call us eight seven seven nine two seven seven two three. Thank you. Thank you. And thank you. For listening to acres of diamonds podcasts. Bob. Larssen? If you've not subscribe to the podcast yet. Please click the subscribe now button below this. When Bob comes out with a new podcast it'll show up directly on you're listening device. This makes it much easier to share this podcast with your friends, family and coworkers thanks again. For listening today for everyone at the settlement masters desert Johnson, reminding you to live your best day every day, and we'll see next time. You're listening to the acres of diamonds podcast. Click the subscribe button below to be notified when new episodes become available. The content has been made available for informational and educational purposes. Only the content is not intended to be a substitute for professional. Investing advice, always seek the advice of your financial advisor or other qualified financial service provider with any questions, you may have regarding your investment planning.
"acres" Discussed on Acres of Diamonds
"Is our website. And I would highly suggest that you look up. If you can't find us sometimes we're on the top. Sometimes we're in the middle. But if you can't give us a call, and we will be able to help you in the process by finding the kind of people that will give you that information. I think you talked to us and give us and give us. The time to put you through one of the educational webcasts. Typically, they're fifteen to thirty minutes there filled with packed basic, fundamental objective information, not sales -i. It's a math the medical decision. And you need a firm that can give you those numbers and give them without prejudice without any agenda. That's the kind of firm that you need. And that's the kind of firm that we are in the trust companies lawyers the account say-so. So that's why they feel comfortable in using us. Bob, we've all heard the expression wants been twice shy. And earlier you spoke about early on in the industry the companies there's some companies that were maybe a little bit predatory. They're in it for the wrong reasons for advisers that have had a bad experience in the settlement business. What can they do to find out more information? Well this reflect back on a previous question because when a when a adviser get stuck because his batting Raisch areas. Success scores attempt score is bad. He's going to typically. Shy away from this. And and that's really the key. So understanding the process and understanding the objectively of a professional approach to life settlements is what he needs or she needs to be able to be introduced to. And once they go through our process, they will they will begin to strip away that the prejudice that feeling that the industry is filled with people that have a prearranged agenda. Most of them are pushing the settlement. They don't care anything about the client. They only care about what they can make by making the transaction. We're just the opposite. We don't we don't even determine what the caution the objective potential profits are until we've gotten the client to a big win. And then we are very transparent on every dollar that comes in every bid that comes in. And so that's how we do it. But we're talking about a minefield, and what a client to look out for one of the basic questions. A client should ask when considering. Ailing policy. Good question hero. Some of the questions. I'd ask who's buying my policy, and what can I do to be sure that I want to sell it is that the right thing for me. How much do I have to pay someone to sell my policy? How do I know the people and dealing with our on? How do I know I'm being given the best price? How can I be certain that? I'm not being overcharged for the transaction. You know, these are questions that are at the core. The basic kind of things that I would want to know if I were trying to discover is this an option for me. Bob, what are some of the terms that a client needs to understand? Well, that's another good question. When when a client enters into a -education process, they need to understand some of the language that used in the industry like what is an institutional investor. You know, what is that? And and just as a bystander the institutional funds that we deal with are all big funds that are dedicated to buying policies of the underlying investment like an Apollo or Brookshire or any one of the major pension funds that see life insurance as grade underlying asset to accomplish their investing objectives. What is the provider provider is necessary because it some thing that all the programs work with that represent multiple funds that are licensed in a state in the regulated heavily by states. So that you know that they're not doing anything. That's not kosher everything is transparent, supposedly the broker is in charge of that. But everything is transparent to the. Broker. What is a licensed brokerage imperative that the license is held by the by the broker and also an agent license for the advisor. But a licensed broker is one that deals with the client help some quantified the value the pricing gives them hopefully, transparency, hopefully does the mathematical comparison in terms of what they can do to keep it hopefully gets everybody to sign off on all those options. If they wanna move ahead that they wanted the economics of selling policy might be more more attractive to them. What is life expectancy? They hear about life expectancy. It's actuarial decision by actuarial companies that must be done in order to provide formal offer in is a as a just like life insurance company uses. It's an estimation of the life of the individual based on a pool number that they can buy in. And and know that that number rep. Cents. Fifty percent of the people will have passed by the number of years at the end of the number of years that they predict the life expectancy to be fifty percent will still be alive that that model helps them make a decision on how much they could invest in that policy to drive the kind of return that the fun needs what determines of its policies salable 's question more of the term, but it it's it's the policy the policy itself. It's like a bondage the rating of the independent SNP and Moody's ratings of the insurance company if supreme to death benefit annual ratio they wanted under five percent. It's the health history of the client, those are the three main drivers of the pricing structure, and we do all of that helping the client. We report weekly to the client, enter the advisory exactly where we are on the timeline that we set up at the beginning to complete the process. So that's really an overview. View. That's a very brief. But it's what we do in our educational process to help the client and the advisor, that's fantastic. Bobby said something earlier that I really want to go back to just for a moment. You said it's a mathematical decision. It's not an emotional decision. And I I kind of chuckled to myself because I was thinking these are life insurance policies. Nobody cuddles with a life insurance policy. This isn't a teddy bear that you got when you were three nobody has a life insurance policy that was passed down from their great, great, great grandfather. And it's a family heirloom. These are life insurance policies. This is the tool this is a a. I think you put best I think it's a property if I'm not mistaken, there is no emotion tied to it. It truly is just mathematical. How do you help somebody really see that? Well, you know, they bought it for different reasons. Most people think of a life insurance policy is like a car insurance policy in really very very different. You know, you can change your life car insurance companies a dozen times and has been do at your age other than when you become incompetently capable of driving amount of mobile mostly it has nothing to do with the things that has to do with issuing a life insurance contract. People have to be in reasonably good health. The carrier will invest by issuing life insurance policy, and it becomes a real asset in it's more. But people don't look at it that way, it's an asset. When you die which you have leftover is what the heirs receive, and it can be buildings. It could be stocks in Bonn. It could be homes could be all kinds of investments, including
"acres" Discussed on Acres of Diamonds
"Certainly in the senior class because of this problem. I mean, I think it's very simple. United spoken quite a bit either. It's good for the client. And you do it or it's not gonna for the client. You don't do it. That's right. Really simple. You spoke a lot about what you're doing. The advisers are. For the advisers, what are some of the things that client can do to understand life settlements. First of all we do a lot of work and trying to educate the answer to this question. We work real hard at letting a client. No that if policies in trouble. Meaning that if you're in the eighties, and you find all of a sudden you received the premium that has multiples of what you've been paying, and it's because of a reason. And of course, the client doesn't understand the reason they just understand the cost of gone up and much more than they expected. So we want them to know that there are options that they have available to them. And we shall we educate them on the options and the options that they have are very clearly mathematical, you know, the investment in a life insurance asset versus what the capital markets and institutional funds. What will they pay for that contract? It's a mathematical decision. It is not an emotional decision. It's not a multiple closed decision. It is the easiest kind of process I've ever been involved in my fifty years in the life insurance industry one. It's very important that advisors that are pros take on this specialty and partner with a firm like ours. So that they can have this kind of detail given to a client, but the options what what kind of client due to keep their policy in the mathematics of that. And the mathematics of what is the institutional third-party pricing of policy that would enable their family to have more. And it's just that it's not any more than that it again, I'm repeating myself, but it's not a pussy sale. It is not a sales -i process at all. It's understanding how to make things happen. It's just like neurosurgeon when he's hired to do his job. He's not trying to do neuro surgery because he makes money he's doing it. Because he sees a problem is dented the problem. He knows. How to mitigate the problem, and he tells the family that the options are doing nothing versus doing something. And that's what we do and the option for doing nothing are real in troubled contract. They are real because the price of that policy as escalated to a point where many times they can't afford it. They have to drop it or cash it in a hundred and thirty four hundred thirty five billion the number of I can't give you correct? But Lisa talked about how many people every year for the next eleven years. We're going to cash in or or laps policy. That's in the senior class. No seventy five to ninety. You'd be surprised how many people we talked to that are still viable, but have medical conditions that are seventy five eighty eighty five ninety that no longer can afford the life insurance that they wanted to keep that sometimes we're able to help them keep some knowing what their options are to resolve this negative problem this tumor if. Relate to the neurosurgeon this tumor that exists in their life insurance asset we identify it. We show them how to mitigate it would alternate medicine. Then we show them. What has to happen if they wanna do surgery? Nobody wants to do surgery. But if the end result is better for them. And they like it then we do surgery. Absolutely Bob United been working together for quite a while. And I've gotten to know you, and I can tell everybody. Hey, Bob is a fantastic guy. He has a fantastic team settlement masters is above board. They're great. But really, let's be honest. I'm just a voice on a podcast. You know, they don't have to take my word for it. They they can't take my word for it. Just because I said it I would advise you not to just take my word for it. So my question is if a client doesn't know settlement masters, how do they vet them question about ninety eight percent of the settlement? Brokerage industry are made up of opportunists started in the life insurance settlement business and really have never been in the life insurance business. I founded this company in two thousand eight because I shot clients being heard and we've solved a lot of problems since then kept the company out of bankruptcy. We set a son up of the the mother gave him the settlement funds, and he built a massive real estate portfolio that succeeded the death benefit how you bet them is really being able to talk to third parties, and or talking to the companies and find out how experienced they are in the life insurance business if they don't have any experience and selling and managing large portfolios life insurance. They really don't understand the asset value life insurance. They talk the talk, but it's like going to hate to use this term. But it's like a a Senator in in politics that has never had experienced in the private sector. They only have an academic of fine echoed amick resume, but they have never run a business. They've never work. Outside the public sector. So, you know, that's okay, sometimes, but it surplus all they don't really understand what it's like we do. I've been fifty years in the life insurance business in a top tier level. And I built massive companies I understand the life insurance industry. But what can you do? That's my words, you can talk to the attorneys and accountants in your area about what what a recommendation to a settlement company. Many of them will have known settlement masters where a member of the trust and estate planning organization council out of London. It's a very elite group of attorneys that specialize in state planning. You don't get in there unless you have massive reputation and a massive number referrals from the legal community. We are one of very very very few that have been admitted with our background, and we have been because of our significant experienced in solution problem solutions and so on. So you ask attorneys and account. That's that's a good start. When you you want to deal with the company that's been around a long time. Now, my my primary organization has been around since nineteen eighty one. I started a separate company in two thousand eight when I saw the massive opportunity shop problems in a very professional way. I started settled I form settlement masters to help clients in the estate planning world attorneys that had clients that were really lost. I mean, the promises that the agent made long before have been destroyed by the carriers position on changing the cost structure within the policies. And all of a sudden, they don't have faith in confidence in their adviser. Oftentimes, they don't have faith and confidence in the insurance industry. They don't know where to turn so advisers accountants attorneys, call us, and we will give you a lot of direction. We'll give you accountants and attorneys names check in with. That's the best way. Just like. You do on any other thing. It doesn't take a lot of time. We can help shortcut it for you. Because we give you third party people large institutions small regional law firms accountants that have worked through us and use us to do the meticulous mathematical comparison between keeping contract all the things you can do to keep it and the present value of the money, you could potentially get out of the institutional market. That's how you do a people search on the internet. We may not come up. We may come up. Sometimes these settlement master dot com is
"acres" Discussed on Acres of Diamonds
"Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast flop. Talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to acres of diamonds with Bob Larsen from the settlement masters today. We're gonna be talking about a minefield in the settlement industry, so Bob. How are you today? A better than I was yesterday. Everything is great. Thank you fantastic. All right. I know that we're into twenty nineteen well into two thousand nineteen at this point. And we've got a lot of good information that came from last year's podcast. And we've got new information for this year's podcast. So tell me a little bit about this minefield. We're we're we're talking about the minefield. What does that look like? Well, a minefield is made up of a lot of different components when I talk about a minefield. There was minefields years ago at anything that was new although settlements are not new the perception of what a settlement is is considered to be in my opinion, a minefield it's something that has to be eradicated educated. So that people can look at it and shift their perception from it being a dark area of the financial world to that of a prominent area that has recently in the last two years become regulated by states has become something of imprest, relative the fiduciary laws so the perception of what one thinks about when they think of the word life settlements, many people don't even know that it exists those that do know about half of them have have a significant misperception in that we're talking about. Stranger own life insurance, which was an era of two thousand eight two thousand nine when banks came in and we're doing financing on life settlements. And it was not a good thing for the insurance industry, and it is pretty much stopped. But the perception of a life settlement is a tool that the regulators believe and the federal government believes is a absolute option for seniors relative to their decision on whether or not they keep their life insurance asset and are they sell their life insurance asset. So it is an option that one should have available to them through their adviser for those reasons. So the perception shifts is that it is a true real authorized option that has been recognized by regulators the federal government and as a highly regulated day as is a real estate transaction. So it is something that people need to know about what are some other obstacles that? Will stop a client or an adviser from engaging? Well, that's a good question. Because oftentimes that happens one is perception one is being able to understand it without the cloud of of some miss guided information that they heard about show, we're really good at helping people see the opportunity if properly monitored the next thing really is knowledge of the settlement process for the client understanding, all the components of what a settlement is what it does and who buys it. And all of the things they have to go through just knowledge, and we'd spend a lot of time educating advisors and clients through live webcasts that anybody can tap into that will help them whether they do business with us are not help them get up to speed on the value. If there is a value for them up to speed on what? It does. And how it might apply to a damage life insurance asset that when I say damaged. I'm talking about what's happened recently in the increasing internal cost of a product that was issued between nineteen ninety five and two thousand and eight those contracts Eric have been I call damage because the cost to the client as escalated sometimes three to ten times what they've been used to paying just to keep the life insurance in force. And it's unconscionable that they've done that. And there's been many lawsuits against the insurance companies and some of settled, and I could tell you more about that later for the adviser an obstacle would be his attempt score. And what I mean by an attempt scores many advisors. In fact, most of the advisers that we talked to throughout the nation have had experience by submitting a life insurance contract to a broker entered to attempt to get the contract of approved in the Senate. Omen created. And what they've found is there. Decline score the decline number of those that they have sent forward into the brokerage community as been horrible. And so they they look at it as you know, the attempt score it's like batting average. And if it's so bad, you just don't do it. I mean, it just doesn't give you any gratification. There's no there's no win. You know, feel good about what you told the client and what actually happened. So the attempts gore has to be understood. So that that a client that an adviser understands how to qualify, and I'll talk about that a little later, but how to qualify just like he does with all the things that they do in the investment community to get comparably to create all kinds of qualification to determine where this client if any of the places where he fits she fits because if they don't fit, you know, don't bubble the burst their bubble by telling them that. They may qualify. We do a lot of work and. Preparing advisor to understand how to qualify. So that they don't have a low attempts core we call it and the temp score than their batting average goes up two three four five hundred. And that's when all of a sudden the pros that do this as a regular part of their policy reviews. The their are attempts goes up they in create credible income consistently and they moved their market up into the higher senior wealth area. The last thing is just the general thing that stops all of us in terms of are not understanding something it's fear of the unknown. There's a lot of litigation that's gone on because of the fair because the people have done things improperly in the settlement world. Of course, we protect our advisers by giving them, Ian. Oh, and by making sure that they have compliance checks all the way through. I it's been tested by a lawsuit that occurred by a major trust company that was dropped in its entirety. Because of our compliance report given to the law firms. I mean that was an amazing thing why London has selected us as the only company so far that they would ensure for Arison emissions as a result of our compliance report. So we tried to dismiss the fear of unknown by educating our advisers, and our clients, this is truly a mathematical decision. This is not a sale as one would generally look at product sale. This is a mathematical decision. And it's it's really it. Really? We want to empower the advisors to do this in surf reduce your responsibility to do in valuation on policies, certainly
"acres" Discussed on Acres of Diamonds
"Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast flop. Talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to acres. A diamonds with Bob Larsen from the settlement masters today. We're going to be answering a single question. It's not a simple question. It's a single question. Bob's gonna address this. The question is what are some of the ratios provider uses to price a policy? Good afternoon. Bob. How are you? I am great. I'm filled with the holiday Christmas season spirit. And I'm great. I'm really excited about answering these questions for the listener. Absolutely. For those that are listening for us. It is right before Christmas. I know when this produced it'll be about mid-january or toward the end of January. So we're hoping you're still riding high from those holidays, and you had a great time. Hey, Bob, before we get started today for some of those listeners that are just joining us, or or some of the listeners that maybe have caught a podcast or two, but not not a lot of the information in general that you're giving can you give us a an overview or help us to understand what a settlement of life insurance is. And why the advisor needs to know about this as an emerging market and white needs so much attention from advisors right now. Great opening question, Eric Salomon at the basic level is a sale of a life insurance policy to a willing buyer and the willing buyer is an instant. National trust that invests in life insurance policies as investment. The emerging market part is as been happening over the years as a result of the aging population more people tend to ten thousand a day or turning sixty five all those people have parents and grandparents the age of that group is being pushed into a very large group. That's one issue why this is relevant today. The second issue is it life insurance companies have not earned the kind of money that they need to operate successfully. Over the last ten years bonds that they invest in have not been producing the kind of revenue so they made a decision two years ago that I don't agree with the decision was to locate a block of clients that are old enough where they're going to have to be able to they're going to have to be paying off the benefits in the next five to six years. To raise their cost inside the policy. So that they can't afford it to get them off the books, and that's what's been happening. A hundred forty three billion dollars of face amount of life insurance as lapsing or being cashed in this year and every year for the next eleven years. So the market has exploded. Unfortunately, most advisers are not aware of it. They will be largely due to reduce Sherry laws and anti discrimination laws against seniors that are coming up. They will be, but I'm asking them to do it now because of all the things that we can do to help these people in one hundred and forty three billion dollars is a tremendous reason to do it now because that's a lot of policies. That's a lot of seniors that are gonna lose out. But why is so relevant for twenty nineteen? Right. This moment. Why is it so relevant today? Because number is exploding the numbers of policies that are that are getting a five times increase inside there. Policy that is destroying the policies and people are actually being heard in the thousands, and they're in the eighties and nineties there, not young people that can recover and and pay more. These people are retired. They're living on the retirement. They do not need the life insurance. They're dropping it or they're cashing it in in it's relevant because of the swelling population of people that are in this crowd. If you talk to anybody eight years old, Avista half of them will life insurance. They don't know why they're either paying premium and they're not paying premium and the policy is imploding because of the internal costs increase. And I mean, that's obviously to me. This doesn't seem fair, and that's not fair to that group of people especially because they are the most vulnerable in my opinion because of their earning power, which they retired. They're not earning and bringing in more money. They're living off of what they worked so hard for for all those years. So that's very. Disappointing. So I want to change gears now and start to answer that question we asked right off the bat. So you've talked about life insurance being a great investment for big institutional funds. Why do they look to life insurance policies as an attractive investment while big investment funds, big institutional investment funds like pension funds, black rock Apollo
"acres" Discussed on Acres of Diamonds
"And they could afford it. I let it go. They were still my client. I'm still servicing them. Our firm was very much in touch with his clients. Very large client. They called me about three months later. They said, by the way, we just got a call from ABC provider. And they said they could give us so much more by not using you. And I thought what the hell is this about you know, somebody is going around me. So that's something that the advisor needs to know about you need to work with a broker that will provide protection against that kind of thing in recapping a lot of this Bobby been around for very long time in this. Mystery you've seen the good the bad and the ugly. You've seen a lot of the things where people took advantage of the situation advantage of the the the clients. So that that kind of leads me to believe you're very passionate about it. And why you got into this business? But won't you give us a a really clear picture why you chose in two thousand eight to open settlement masters. Well, I've given the example before I can tell you that the simultaneous to that example, back in two thousand actually two thousand seven I got a call from an attorney up in northern California that we had worked with probably two years before. And they said that they had a client because of the impact of the economic downturn that they wanted me to talk to the client about anything to do with his insurance portfolio to help him reduce expenses. So I called him. He was a large clothier than manufactured in ad clothing outlets around the United States, and and the chairman of the. The the the company was the client. They wanted me to work with. So I got gathered all the information I found out he had to term contracts that were about to expire he had to do something either convert them or he'd lose them because after the term periods, which goes away, you have term. So we gathered it we found out that the contract was very viable in the settlement and this ratio. I I've probed a little bit more with a client. I said what do you need to do to get out of this financial situation that you're in? He said I need to develop a national Cantillon. And I said, well, why don't you do it? They should cost half a million dollars. They don't have the money. And I said, what would you would you do if we could find the money in your life insurance in Zimbabwe? There is any cash value my life insurance the policy to keep the policies on the term policies word them. I can't afford it. My. Countless told me I don't need them. I stayed shrunk. I said, okay. Let me go through the analysis that we do. So we went through all the analysis of Alec could keep contract. We did a net present value analysis on selling it. So I called him up. And I said Pat is Pat, I should Pat how soon do you need to half a million dollars? And he sa- Bob, don't do I told you I don't have any bags pulled my line of credit because of the downturn. I'm struggling to survive don't play with the I said, no, I'm serious. I have happened million. For in fact, I have nine hundred thousand dollars, and he said, you gotta be kidding. Well, I sat on the phone listening to a seventy four year old guy cry. No, he said, are you serious? And I said, I wouldn't do this to you, Pat. I haven't need to fly up and meet with you and talk to you about things we need to go through. So we sent him nine hundred thousand dollars, and I can't tell you what a joy it was. For me. This is before we formed settled masters, but a joy, the sod this guy that was desperate. Yeah. And he had nowhere to go and no place to get the money. And he knew what he had to do the ad the money today that ma- that that a caller magazine that catalog is is distributed annually or around the country. And it's the biggest profit center of this company. Well. Oh, I can't tell you the joy, I got. So that's one of the things that boosted band annoying. This is long before the the collapse of the seal, I'm marketplace that I've talked about which is escalated this problem into tenfold that was back then, but you know, it gave me the idea that seniors have an issue, and I'm passionate about helping people. And I think every advisor has got to wake up because they've got to know that the room they talk about by on rumor sell on news, that's kind of an old cliche and the and the investment community. The rumor is right now that seniors are getting hurt. Insurance companies are targeting the block of issue policies issued between ninety five two thousand eight and these people are all in their eighties nineties their targeting them to get them off the books. The raising the premium is much five times, which unconscionable. And and you know what? Frankly speaking, you can go where the money is. And forget about doing good for other people. But I believe that as a foot as an adviser. You have the fiduciary responsibility to find these people that tell them that they need to have contracts on help about. Yep. Bob in our last podcast. We spoke a lot about what it means to team with settlement masters. What you specifically do for your advisors? But I'm sure we have new listener. So can you give us just a little baby? May just the reason why an adviser should look to broken firm like yours specifically to work with. Well, I'm going to commercialize now. So forgive me. I go work. We have done. Everything that we could do to make sure we're protecting the client visor. And of course, the fun. We take care of also. But the most important thing is client I and when we decided do that. And and and if you could find a firm that does that go get him, but we decided wanted create education for the advisor. So he knows what to say accuser or full partners with the adviser says NAFTA to do this work. In addition to all the work. He does he gets the bulk of the commissions, and we do all the work we give now this is another thing, we do such a great job in compliance. We make sure that everybody signs off on keeping the contract or selling it the economics, and we do a great job at valuating the present value the future benefit in what economic benefit. So it becomes very academic instead of emotional, we do that. And because of our complaints report or. When of London was not interested at all. And still is not of issuing, Ian, all on the people in the settlement world that we can do them to ask them because of the name to ensure us we just came as a settlement broker, they said, no, we don't do this because the risks are too high. I sent them a compliance report. That was tabbed the numbered at table of contents and three days. Call me back and said, you would never seen anything like this. If you have all your advisors. Follow your process will issue a bundle of BNO for you. And will allow you to extend that to each advisor on as nip you can make sure that you have a firm that really is interested in you, the client and making sure full transparency and they follow the regulations, and if they're capable of doing the extra things like we are we've been in the business fifty years. So we're we understand the life insurance business. Most most settlement. I have no clue outside of how to sell a convert now. Right. And we're wrapping up our time today. Bob, I'm going to ask you to do one more plugged for me. What number should somebody call if they're interested in hearing more learning more about your brokerage firm specifically? Yeah. The number is eight seven seven nine two seven seven two four three. And when I say, call me, you're not gonna get a pitch. We are here as a backup team to top advisors around the country. We will ask you questions, we will be your back room. I think you'll be proud with got lots of referrals of advisers all over the country. That's eight seven seven nine two seven seven two four three and thank you. Thank you. Bob, so much and thank you for listening to acres of diamonds podcast Bob Larsen, if you've not subscribe to the podcast yet. Please click the subscribe now button below this way. When Bob comes out with a new podcast it'll show up directly on you're listening device. This makes it much easier to. Share these podcasts with your friends family or co workers. Thanks again for listening for everyone at the settlement masters. This is Eric Johnson reminding you to live your best day every day, and we'll see you next time. For listening to the acres of diamonds podcast. Click the subscribe button below to be notified when new episodes become available. The content has been made available for informational and educational purposes. Only the content is not intended to be a substitute for professional. Investing advice, always seek the advice of your financial advisor or other qualified financial service provider with any questions, you may have regarding your investment planning.
"acres" Discussed on Acres of Diamonds
"The. Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast flop. Talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to the acres of diamonds podcast with Bob Larsen from the settlement masters today. We're going to be talking about something pretty exciting. And that's what the partner of an adviser should be doing. So in other words, when an adviser partners with a company like settlement masters. They need to have certain expectations of what they're going to do for them. And so Bob, and I are gonna talk a little bit about that. Good morning, Bob. How are you? Good morning. I am happy to be here. It's thanksgiving and we're excited about this conversation. Oh, absolutely. And I'm excited about Turkey and ham. Just be honest with you. I'm really looking forward to some ham. Yup. All right. So we we have talked a lot about the massive opportunities. That are coming. We'll they're not coming. They're here now, and they're going to be here for the next decade. At least from what you and I have spoken about. And we're talking about opportunities for advisors specifically. And we've covered a lot of information. I want to do a little bit of a recap it. That's okay with you. And I really wanna know kind of the ins and outs of some of your thoughts in the process that the settlement masters does. But let's start with a little bit of a recap. And what I want you to do is when you've talked to advisers about needing to partner in this market. Why does it visor need partner with anybody at all? Well, the the market is a little different than what most investment advisers and insurance estate planning insurance advisors deal with they are there needs to be a bit of a paradigm shift in terms of them looking at. This problem they may shell life insurance. And so the security of life insurance as a form of money for the family for the estate. But now talk about the fact that the insurance is not working, and that there is an opportunity to sell it seems a little bit strange. So there is some education that has to to to go on in order for them to understand one of which is why the problem, you know, what what has happened that we've talked about this before. But the problem is is been turbo boosted by the carrot the eight carriers raising of the internal costs inside the policy, and therefore requiring for most seniors that are in their eighties additional premium vastly above what they've been used to pay or and if they don't pay it destroys the policy. Yeah. So that's that's why there should be some sense of urgency. How they talked to them those things we can get to later, but the COO eye problem is the major problem houses that were issued between ninety five and two thousand eight. So every every financial advisor has an will be clear real soon. I produce our responsibility to make sure that these people are taken care of that. They have a audit done on their insurance. Absolutely, bob. You're very passionate about this. And I'm not going to ask you to say it, but I'll say it. It really seems predatory in in a way against seniors because of how they're increasing their rates in such a large dramatic fashion that it it really destroys what they thought they had built for maybe some financial future. And that really bothers me. And I know it bothers you. I'm going to ask you the next question. This is another recap question. Really? What is the first thing in advisor should be looking for in? A company that he wants to partner with well, he should look for a company. Brokerage firm in the settlement world that has extensive life insurance experience. That will help that will help him know that he's he's got somebody on his team that understands them mechanism of life insurance. How it works? And and and be and make sure that the client is I so he should be looking for a firm that is followed that path. I mean professional life insurance people once they get over the need to make money or the need to survive. And and and find themselves in the business they develop a passion to make sure that the client understands the solution of life insurance as something that can be of tremendous benefit to their family to their business to their state, and he should be looking for a firm that understands that most of them don't most of the the brokerage people are in one business, and that's to sell the policy and not be concerned about the client there. Turned about the price. We got the price. Now, in some cases, you've got a client that's going to drop the policy, and that's all they're interested in. But from the advisor standpoint, he's better protect his back by being with the firm that knows how to protect his back, and they have they have life insurance
"acres" Discussed on Acres of Diamonds
"The. Welcome to the acres of diamonds podcast with Bob Larsen, a nationally recognized expert in the analysis of complex life insurance structures in the acres of diamonds podcast flop. Talks about the flip side of owning a life insurance policy that your client has outgrown or that has underperformed. We share insight and strategies to help advisors maximize the effectiveness and value of their clients life insurance policies. Hello. And welcome to the acres of diamonds podcast with Bob Larsen from the settlement masters. Hello, bob. How are you today? I'm great. I'm looking forward to this conversation. Fantastic metoo. But before we get into that conversation for all you advisors out there that are listening. I am going to be recapping kind of what Bob has been talking about the last few podcasts. I encourage you highly to go back and find those podcast listen to them. You can subscribe to them and and get all of Bob's updates from this point on. But let's go back a little bit. And talk about what he's spoken about before. Bob has explained in previous podcasts. Why there's a new problem that exists in the senior planning market that requires advisors to be aware of and address at some level. Bob's told the audience he's told all of you guys life insurance purchased between nineteen ninety five and two thousand eight were approximately sixty five percent of the senior life insurance policies have become defective and many policies are lapsing or they're requiring substantially more premium to keep the Policy Act. Live. It's been reported about one hundred and forty three billion dollars. That's billion with a B of face amount will lapse or get cashed in by seniors in twenty eighteen and for the next eleven years. So this begs the question, then Bob this questions for you, by the way, what should an advisor due to get active in this market and help wealthy seniors that have that problem. Why Eric it is a problem, and as you pointed out between ninety five and two thousand eight a bulk of the seniors that have life insurance of bulk of their policies are in damage. They have raised the cost of insurance, and it is destroying life insurance. And they don't even know it. I mean, it's it's it credible that this is happening, but it is happening. And it's a damaging thing advisors need to be aware of this. They need to Jack it up to make it a priority because priority to talk to the people that they were within the people that have parents and grandparents that are in that category and ask them if they have life insurance because if they have life insurance and their and they age group of eighty plus maybe even seventy five plus there's a high probability. And I mean over fifty percent that these contracts have been affected by this change in the industry. That's unprecedented. I mean, it is unprecedented that life insurance companies would raise the cost of insurance inside of a policy which would eat up the cash value that they normally would have been growing in the policy the costs and expenses are are eating it up. Now advisors are not the ones that I have met. And I bet them all over the country. And I've spoken meetings all over the country on the subject, but most of them are either unaware uneducated or they don't know how to partner with the firm to do this in the way in which they feel comfortable because most professional advisers that are fiduciaries that are responsible professionals. They really want to know what they're doing. They wanna know what to say they want to know what they're doing. And there's no place they can go outside of just general having experienced which could be, you know, at the price of clients to become active in this in this incr-. Probably. A big market. So I'm passionate about because I don't like to see people that are in their seventies and eighties get injured when it's not necessary. All right. So what they need to do is advisors are not aware or they're not educated or they don't know how to part or who to partner with above anybody who's listened to these past few podcasts. The have to realize that this is the right thing to do any advisor. That's heard these. They know it's the right thing to do. And it also seems like a really good opportunity for the visors. Right. Well, absolutely. It's an incredible opportunity for advisors. I I just I know that advisors that are that are responsible and professionally plant trained to do planning. They care about most of them that I've met care about the client and try to do added value things excess things that would give the client the feeling. They really care. This is something that goes at have life insurance need this needs to be addressed, Eric it's not something that is like selling insurance, or it's not like anything that they might do an asset allocation or or retirement planning, this is some of these people had large cash values that have been eaten up by the cost of insurance increase, and and it just unconscionable that that this would have happened. So yes answers. Yes. I it's phenomenal opportunity. Bob, I work with advisers all over the country in different capacities and an a good adviser team or a good team for someone who has a financial team around him consists of a CPA usually estate planning attorney, a regular Turney or an insurance agent around them. Why aren't all of these folks dealing with this situation or addressing this problem? Well, I'll give you two of the ones I just gave you a. Lack of awareness. They don't they're not aware of this problem. They're either not working with people in the in the seventy to eighty to ninety year old categories, but they're working with the kids and the grandkids of those people and typically they the kids and the grandkids are the beneficiaries of the parents and grandparents work and life's work. So they should be. They should be bringing this information to them saying we should have a professional audit of the life insurance contracts because of what's going on. So awareness is a big thing education of professional advisors wanna know that they know when they're doing something they don't wanna be wigging it. So as they wanna be well planned, they wanna have a complete picture of the good bad and the ugly of everything that they're doing. There's any place that they can go to to get this education without enormous amounts of research and. Some false starts, and that's that oftentimes can be very price pricey and could be at the expense of clients, but they need to be educated. Some of them don't feel responsible for this because it's called insurance and they're not in the insurance business. They may be with a large wirehouse in there. There are into financial planning asset management, and they don't feel responsible. They're not looking at a life insurance for folio as an asset class. They're they're they're many of them some of them do but most of them on a day-to-day basis when you mention life insurance, they think of annuities. They don't think of life insurance.