A long-time blog reader wrote, “Can I do what Jim Harbaugh did with his estate planning?”
First, here’s a news story regarding Harburgh’s “very smart” estate planning technique.
It is clear to me that this is a loan regime “split dollar” arrangement. We do it often for a variety of people, yet so many that can, don’t.
The one thing that bothers me is throwing around the term “free life insurance” that has been used in some coverage of this news and by some estate planners. That term at best is poetic license: at worst a misleading sales practice, which could have bad implications for the person using those terms.
What was done for Jim Harburgh is just one of many tools we employ in our alternative to traditional financial planning. Please feel free to inquire if what we do can be good for you.