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More Big12 inspired schadenfreude
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Last: 7 yr ago by ABATTBQ11
That's kinda creepy. I wonder if any other schools do that.
Baylor takes one out on each hot coed. Because at this point, they're due.
Can't believe the boosters didn't have the decency to die on time.
It's weird but nowhere near uncommon.
I have a relative who agreed to that deal. He received quite a bit of money up front to allow himself to be insured by a third party entity, one of the larger investment banks which pooled other individuals into the investment. You'd recognize the name of the bank, and they pay the premiums. That was about 15 years ago, my relative is now 90 and I from what I hear, the beneficiary may be losing money now.
Not sure I'd ever do this if I had that kind of net worth, I'd be looking over my shoulder for someone who wanted to fit me for cement shoes.
I have a relative who agreed to that deal. He received quite a bit of money up front to allow himself to be insured by a third party entity, one of the larger investment banks which pooled other individuals into the investment. You'd recognize the name of the bank, and they pay the premiums. That was about 15 years ago, my relative is now 90 and I from what I hear, the beneficiary may be losing money now.
Not sure I'd ever do this if I had that kind of net worth, I'd be looking over my shoulder for someone who wanted to fit me for cement shoes.
If I was one of those boosters I'd be damned careful about eating anything given to me at an alumni function. It probably would be a good idea to employ a food taster in the football suites. 
STOLI/IOLI is the technical term for it.
Maybe we could finally make this Levy deal pay off.
I never understood the life insurance investment plan. I always thought you had to have an insurable interest in the person who was being insured. If you did not have the insurable interest, you could have people placing life insurance on random people hoping they would die.
McInnis80 said:
I never understood the life insurance investment plan. I always thought you had to have an insurable interest in the person who was being insured. If you did not have the insurable interest, you could have people placing life insurance on random people hoping they would die.
You do. From my understanding the boosters are the insurable interest to the school and by them dying and not donating the school hurts.
baylro only does that for their basketball players.Wildmen03 said:
Baylor takes one out on each hot coed. Because at this point, they're due.
Well, that used to be the way they did it. My sources tell me that they now take out policies on anyone who would dare to not send their daughter to baylro.
Here is an article from 2010. I don't know if this is the same instance or they did it again 10 years later.
http://www.nytimes.com/2010/02/13/education/13oklahoma.html
Quote:
Under the 2007 program, called Gift of a Lifetime, 27 alumni gave Cowboy Athletics the right to insure their lives for $10 million each through Lincoln Financial. Cowboy Athletics said it was told it stood to make as much as $350 million after all the donors had died.
http://www.nytimes.com/2010/02/13/education/13oklahoma.html
So Darren is breaking news that's seven years old
I think he's just reporting the amount of money they've lost on this. Can't really know how many were going to survive 7 years ago.
This story, and stories like it will continue to be current until the last of the insured dies, or until the beneficiary of the insurance proceeds stops paying the premiums, whichever occurs first. Because only then can you determine if you lost or gained money.
Note I said the story would continue to remain current, not that it would necessarily be relevant. Because stories like this can be weird, just like the way these policies are structured.
Note I said the story would continue to remain current, not that it would necessarily be relevant. Because stories like this can be weird, just like the way these policies are structured.
Oh, well I guess it's the off season and Rovell has nothing better to tweet except some greatest hits. Maybe he'll do some JFF tweets this weekend.BQ_90 said:
This article is from 2012
http://www.espn.com/college-sports/story/_/id/7678962/oklahoma-state-cowboys-lose-bid-regain-33m-fundraiser
3.3 deaths to break even
Great sales pitch by the insurance agent. Bet that guy made bank.
Okie-Lite Insurance: "Get Poked, die Sooner"
Still have 3Q's of the year...arson keg said:
3.3 deaths to break even
I wouldn't borrow a car or eat on campus if I was a unlucky enough to be a Baylol booster.
Many corporate execs have life insurance polices on them where the company is the beneficiary. It could be to cover the immediate buyout of their stock (if non-transferable) or to make up for interruptions in normal business. It's not really that strange.
Would hiring prostitutes and sending them over to the boosters' homes violate the terms of the policy?
Really kinda depends on how it is set up. You can donate a life insurance policy to the A&M foundation and make donations to pay the premiums. The donation is tax deductible, whereas just paying the premiums would not be. I'm sure you can do similar for 12thman foundation.
If the premiums are coming out of donations by the donors, it could be considered a loss since ok lite is paying the premiums, but is it really?
If the premiums are coming out of donations by the donors, it could be considered a loss since ok lite is paying the premiums, but is it really?
As a money making scheme (not a hedge), okie state is basically saying the insurance writers have their math wrong. The only way it makes sense is if it's to ensure the school's estate gift doesn't get whacked by estate taxes which could very well be their strategy.
And their pitch to the rich boosters was:
"When you kick off.....we receive."
"When you kick off.....we receive."
TennAg said:
As a money making scheme (not a hedge), okie state is basically saying the insurance writers have their math wrong. The only way it makes sense is if it's to ensure the school's estate gift doesn't get whacked by estate taxes which could very well be their strategy.
If the donors had ok lite in their will, wouldn't the donation to the school be charitable donations and not subject to estate taxes.
I don't think so. The estate is taxed as a whole before it is handed out. Anything left to you in a will is tax free and not reported on income taxes. This is why anyone saying that estate taxes are really just income taxes is just dumb as ****.
This would confuse CharlieHellbent said:
And their pitch to the rich boosters was:
"When you kick off.....we receive."
ABATTBQ11 said:
I don't think so. The estate is taxed as a whole before it is handed out. Anything left to you in a will is tax free and not reported on income taxes. This is why anyone saying that estate taxes are really just income taxes is just dumb as ****.
There are some pretty interesting estate-planning vehicles available to those who are giving/leaving money to a charitable org during and after their lifetime. I believe gifts left to a 501c3 via an estate are deductible when calculating the estate tax... with no max.
While the estate tax is confiscatory in nature, there are a host of ridiculous ins and outs that make it the most complex area of tax law known to man... and can make it incredibly harmful to illiquid asset-rich businesses (family farms being a common example of the nefarious nature of this tax).
Good to know
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