Cool story: an industrious man made a good buck and at the beginning of the 20th century bought a piece of land on an island in the Finger Lakes reachable only by boat, and on which there was a small community of the similarly newly successful.
The big house went up and was enjoyed by him and his family. And the question he chose to face was how to keep this going? You pass it down and who wants to sell it, who doesn’t want to pay upkeep, and the gift to your family becomes a magnet that serves to repel instead of attract.
Being a thinker, he foresaw this, and purchased a life insurance policy on him and his wife, payable to the upkeep and taxes of the island house, and life insurance premium payments for the immediate heirs. This has gone on for over 100 years, and everybody still gathers at the island home, and he gave his family space to thrive and appreciate.
If you plan, things can be made to work out in an elegant manner that can make things work.
There are variations of this, and a number of ways in which life insurance can be applicable to elegantly facilitating business scenarios, along the lines of this Finger Lakes story.
Ping me on the calendar below and let’s talk. Thank you for reading.
Dan Gilligan, CEO Paradigm Insurance Services, LLC