Insider Tips for Incorporating Life Insurance into Your Law Corporation.

The Picture of Wealth

In this episode, Dustin provides financial strategies for lawyers and law firms to manage their finances and protect their partnerships. He introduces the spending accelerator tool, which automates monthly expenses, and discusses insurance policies for protection and partnership agreements. He provides specific examples and advice for incorporating these strategies into a law practice. He also explains the differences between critical illness and disability insurance policies and how they can be owned and paid for by a law corporation. It is recommended to consult with designated advisors or planners for specific advice on incorporating these insurance policies into a law practice.The 3 POWS of this episode: Achieve a better work-life balance by focusing on what really matters to you. Incorporating life insurance policies into a law corporation can create tax savings and protect the partnership. Consult with designated advisors or planners for specific advice on incorporating insurance policies into a law practice. Timestamps:[00:00:00] Dustin introduces the Spending Accelerator tool, which helps lawyers balance work and personal life by automating their monthly expenses and investments. [00:03:43] Dustin explains how incorporating life insurance policies into law corporations can create tax savings and protect the family of the deceased lawyer.[00:06:56] Dustin discusses the importance of partnership agreements and how life insurance can be used to fund the buyout of a deceased partner's share in the law partnership.[00:08:57] Dustin explains how critical illness policies can be paid for by a law corporation and the importance of designating the corporation as the beneficiary.[00:09:56] Dustin discusses how he uses his holding company to manage critical illness policies and minimize taxes.[00:10:54] Dustin advises on the ownership and payment of disability insurance policies, including the importance of consulting with an accountant to avoid taxable disability benefits. If you found this episode helpful share it with a friend and leave a review. For more information visit servissweath.com