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Strategies & Market Trends : ahhaha's ahs
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To: ahhaha who wrote (1047)2/15/2001 5:54:32 PM
From: GraceZRead Replies (1) of 24758
 
Insurance is one of those industries which is so intimately tied to taxes (estate and income), regulation and social security that I'd assume they are the biggest industry group lobbying against any changes in the above.

Death benefits aren't taxed or subject to probate, the cash value of life insurance grows tax free, little old ladies buy tax free annuities to gain income streams that aren't taxed, social security disability is figured into disability payouts.....it goes on and on. People get so wrapped up in sheltering income from Uncle Sam that they totally over-look the sub par returns inherent in insurance products.

What kills me is that people also over-look the easiest way to avoid estate tax and that is to give your assets to your children while you are still alive, or at least have them work to attain joint ownership in that family business. The reason they don't do that underscores a much larger societal problem, they don't trust that their children will take care of them as they age. Either that or they think that they will be the first human alive to to be granted an exception, that they won't die.

Also, my experience with family businesses is that there is this resistance that adult children have in going into them with their parent still at the helm. It is sort of like the stigma of living in the same home you lived in as a child. Other traditional societies don't have any negatives attached to living in your mother's house or working in your father's business that we have here in this country. In the US we consider these people to be sort of developmentally challenged.
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