Episode #19 - Life Insurance as Asset Protection Series Part 1

Join John Skabelund in this three part series as he discusses how life insurance provides unique asset protection benefits, as well as its advantages and disadvantages.   John is an experienced and nationally recognized attorney with extensive experience protecting client's assets throughout the United States. John Skabelund has adeptly protected a diverse range of clients' estates, ranging from $500,000 to over $100 million. His clientele spans real estate investors, business owners, executives, and professionals in various fields, including medicine, law, sports, and technology. John skillfully creates comprehensive estate plans tailored to each client's unique needs, ensuring their legacy can be preserved for generations. He also has represented clients in the buying and selling of businesses across a multitude of industries.   In this episode, explore term vs. cash value life insurance, state-level asset protection benefits, and strategic use in estate tax planning to preserve generational wealth.    SHOW NOTES:   00:00 - Intro. 02:00 - The Big Picture: What Is Life Insurance? 05:48 - Unique Protections Afforded to Each State's Statutes. 08:46 - Benefits of Cash Value Policies. 12:09 - Benefits of ILIT: An Irrevocable Life Insurance Trust. 14:23 - Estate Tax Exposure. 16:42 - Risk of Overextending Yourself. 18:25 - Closing Statements.   Follow John Skabelund:  Websites: https://skabelund.com/, https://ultimateassetprotection.com/ DISCLAIMER:     This content is legal information only and not legal advice. Listening or viewing this content does not create an attorney client relationship. Mr. Skabelund is admitted to practice law in Arizona, and he may be reached at UltimateAssetProtection.com.