Fred Leamnson

ChFC
Retirement, Investing, Lifestage Based Planning
88%
Helpful
43
Answers
8
Articles
7
Followers
“Fred Leamnson, Founder and President of Leamnson Capital Advisory, LLC, is a veteran advisor who helps those preparing for or in their retirement plan for and live the kind of lifestyle they desire without fear of running out of money.”
Firm:

Leamnson Capital Advisory, LLC

Job Title:

Founder and President

Biography:

I am the founder and president of Leamnson Capital, a fee-only, a Registered Investment Advisor firm in Reston, VA. I work with people serious about preparing for and getting through retirement. Typically, they are in their fifties or already retired. I have over 30 years of experience in the financial services industry.

I live in Reston, VA with Cathy, my wife of 34 years and our two Akita's, Titus and Kaylee. On weekends, we enjoy spending time with their pups, taking them for walks on the Reston trails. We both enjoy bicycling, yoga, and regular workouts at the gym. We spend time visiting the many beautiful Virginia wineries — doing our small part to support the growing Virginia wine industry.

 

Assets Under Management:

$18 million

Fee Structure:

Fee-Only

CRD Number:

1727959

All Articles
Sort By:
Most Helpful
last month
    Retirement, IRAs
December 2017
    Disability Insurance, Retirement, Social Security
last month
    IRAs, Taxes, Retirement Savings, 401(k)
October 2017
    401(k), IRAs, Retirement Plans, Retirement Savings
December 2017
    Retirement, Social Security, Taxes

All Answers
Sort By:
Most Helpful
    Debt, Estate Planning, Taxes, Insurance, Life Insurance, End of Life
What are the tax implications of a life insurance policy loan that is still outstanding when the insured passes away?
100% of people found this answer helpful

It's hard to answer this question definitively with your description.  You don't say what the death benefit of the original $100,000 purchase was. It's also unclear to me what value you're referring to when you say the present value of the policy is $425,000.

Another confusing piece of this is the reference to the estate taking out a loan on the policy intended for long-term care expenses. The owner of the policy is the only person who can make changes, take out loans, name beneficiaries, etc. An estate is established after someone dies. How can an estate own a policy on someone? Unless by estate you mean a trustee of a trust owned life insurance policy. That would be possible, but not an estate.

In general, here's how life insurance loans work. Whatever unpaid loan amounts outstanding when an insured dies get deducted from the life insurance proceeds. If you're saying the death benefit of the policy was $425,000 and the loan was $400,000, then the beneficiaries would get $25,000 in death benefits. In general, life insurance death benefits are tax-free. However, that depends on several factors like who owns the policy, who paid the premiums, etc. 

The beneficiaries should consult a tax attorney or CPA to discuss the tax implications. Not sure if you're asking on their behalf, or if you are the/one of the beneficiaries. Either way, seek professional advice.,

3 days ago
    Estate Planning, Investing, IRAs, Real Estate, Taxes
To pay my inheritance tax, should I use money from the sale of my house or withdraw from my investment account?
100% of people found this answer helpful
6 days ago
    Retirement, Social Security, Retirement Plans
What are the benefits of waiting until full retirement age if I can comfortably live off of Social Security benefits now?
88% of people found this answer helpful
2 weeks ago
    Retirement, Social Security, Investing, 401(k)
Should we sell our investments and move our money into cash accounts?
75% of people found this answer helpful
2 weeks ago
    Debt, Estate Planning, Investing, Taxes, Women & Money
What should I do with a four million dollar inheritance?
73% of people found this answer helpful
3 weeks ago