Veterans Day Special Tribute

I’m preempting my normal missive to do something a little different. In past years, I’ve written on the history and significance to me of this special day. This year, I’d like to honor and recognize three important people that served. I’m asking all of you to reciprocate; either on this post on social media, my blog, or even just emailing me. Maybe I will make it an annual recognition…
This year, I honor and recognize:
Don Weedin: My father served 30 years in the Navy, including being part of the Atlantic theater in World War II.
Max Weedin: Dad’s older brother joined WWII even before Dad did. He also served in the Navy.
Curt Seth: One of my childhood best friends and a groomsman at my wedding. Curt joined the Navy after college and served 30 years during some of the most volatile times in our history.
All three of these individuals – like all the others we honor today – selflessly dedicated their career and lives to defend our way of life and keep others around the world safe.
My deepest gratitude.
Now it’s your turn. I encourage you to honor someone today by sharing here!
Quote of the Day:
“The soldier above all others prays for peace, for it is the soldier that must suffer and bear the deepest wounds and scars of war.”
~ General Douglas MacArthur
© 2019 Toro Consulting, Inc. All Rights Reserved
Unleashed is the registered trademark of Toro Consulting, Inc.


Leaving a Legacy

Depositphotos_13916368_xl-2015As a father and grandfather, leaving a legacy has become more personally important to me. If you’re a grandparent or parent of children under the age of 18 years old, you may have wondered what kind of lifetime impact you can make for them…I know I have.

I’d like to introduce you to a concept that Barb and I will be providing for our grandchildren….I call it a Legacy Gift. This Legacy Gift uses a whole life insurance policy as a funding mechanism to grow cash for children over the course of their lives. That’s where the legacy part comes in. Allow me to explain…

A grandparent or parent (or any other relative adult) can purchase a juvenile insurance policy with a whole life permanent policy (I recommend the 10-pay plan). The insurance is easy to purchase as the child doesn’t need to go through any medical exams. The life insurance portion is minuscule due to their age, so the premium amount chosen goes mostly into their cash value.

Example: The grandparents purchase a whole life policy for their grandchild and fund it over a 10 year period. They are the “owners” of the insurance policy. The parents are the beneficiaries of the policy in the event of death. The policy has a cash value component and grows at a guaranteed 4% rate (pretty good for most guaranteed investments!); after 10 years of premium payments, the policy is paid up forever.

The cash value continues to grow over the life of the child. No other payments ever need to be made. Here is where the legacy part comes in:

The grandparents can turn over the policy – in essence gift to policy and it’s cash value – when the child becomes an adult (at whatever age they choose). That cash value can be used for a number of things like college education, starting a business, or simply allowing it to grow as part of a retirement plan. In fact, a policy starting as a toddler and running into the ages of 70 or 80 will likely have significant values. I’ve seen illustrations going into the $300,000 range for a policy with a $10,000 investment. That’s a legacy!

Additionally, the value of lifetime insurance can’t be overstated. People can become uninsurable at any age due to illness and disease. These policies, once paid up, are permanent. They may actually be set up to increase the death benefit over years. Here is a case where the value to child turned adult can be significant for their family of the future.

Here’s the deal: I think it’s safe to assume that most people want a strong financial future for their grandchildren and children. The Legacy Gift is a tremendously generous way to get them started. Regardless of when they might utilize the cash value, your gift will have turned into significant money when it was most needed.

The fine print: Depending on how it’s structured, there could be a gift tax on the benefits. There are several ways to structure the policy to avoid that (e.g. trusts). This is part of the proper programming of it, and should be discussed at length. That being said, the guaranteed nature of the growth and protection is something I know we want for our grandchildren, so we are taking this route.

If you’d simply like to learn more about how the Legacy Gift might work in your family’s life, contact me. There’s no obligation; I’d love to talk with you about how you can make the difference in the lives of the children in your life.

® Toro Consulting, Inc. All Rights Reserved


Extra Points: Out of the Blocks Sprinting

This past week, I invested a great deal of time on my strategic planning for 2020 and beyond. Coming off my excellent Mastermind group meeting in Whistler BC, my plans around revenue growth, business succession and continuity, and personal and professional development have been installed.
I use the end of October as the date to honestly review 2019, compare to 2018, and build for 2020. Why October? Why not wait until the calendar year is over? Because I don’t want to be poised on the blocks waiting for the gun to sound when January 1rolls around. I want to be sprinting out of the blocks!
It’s pretty easy to estimate the last two months based on what’s expected and in play. Your numbers don’t have to be perfect; they just need to be tallied. Now is the time to both quantitatively and qualitatively review your work: what’s worked well and what hasn’t; what did you enjoy and what were challenges; and (this is important) how can you be innovative and re-invent yourself next year?
You don’t have to make wholesale changes. However, if you don’t regularly seek ways to re-invent and to innovate, then you will be be walking out of the blocks, rather than sprinting.
Here’s your assignment: Start your 2020 visioning now. This week. Maybe even today. I know what will be new and exciting for 2020 (starting this month, so stay tuned); do you?
In order to be sprinting when this decade flips in about eight weeks, then the positioning in the blocks must begin now. Are you ready to get out of the blocks fast?
Be Unleashed!
Quote of the Day:
“The most wasted of all days is one without laughter.”
~ e.e. cummings
© 2019 Toro Consulting, Inc. All Rights Reserved
Unleashed is the registered trademark of Toro Consulting, Inc.