Not many people can say they’ve built and flown their own airplane. But in 2011, Paul Boulet completed building his own airplane after seven years of hard work and flew it out of Van Nuys Airport.
Flying airplanes is only his hobby. He is a second-generation insurance and pension businessman and has been working in the industry his entire life.
“I was the file clerk in my parents insurance business while I was going to school,” Boulet said. “In 1985, I got my own license and, a few years later, I bought the company from them.”
Boulet is the sole owner of Paul Boulet Insurance and has been practicing in Malibu since he moved here in 1994. His message to all Malibuites: “Don’t be a victim of government taxation.”
Deterring away from traditional IRA and 401K plans, Boulet strongly recommends the section 101(a) plan for his clients because it is tax-free. According to Boulet, there are six major reasons why the section 101(a) plan is a better option.
First, there aren’t any limits on contributions. Second, individuals have access to their money at all times without any penalties. Third, in the event of a disability, the plan becomes self-funding and is fully funded at age 65. Fourth, in the event of an untimely death, the plan funds flow in to fully fund it. Fifth, the plan has complete privacy.
“With traditional IRA and 401K, you sign a form that tells congress exactly how much money is in your plan,” Boulet said. “And they in return can tax it. The Internal revenue tax code is 102 years old. Section 101(a) is also 102 years old, so it has withstood the test of time. Congress couldn’t tax it.”
The sixth reason why Boulet encourages section 101(a) over traditional IRA and 401K plans is because on distribution day, all the money is released, free of any state and federal income tax.
Boulet provides a presentation explaining how everything works to all new clients. He has witnessed many incidents where the plan benefited his clients.
There was a young couple that had a newborn baby and signed on for the 101(a) plan. Shortly after, the husband was killed. Per the plan rules, the money flowed in and was fully funded.
“The little baby girl is all grown up now,” Boulet said. “We don’t know what tomorrow brings.”
There was another time when a waiter who was making 40k a year bought a small plan. When his daughter turned 18 years old, he pulled 14k a year tax-free to pay for her college tuition.
“You can access the money at anytime,” Boulet said. “But you have to be disciplined to only take it when you really need it. Not to go to Vegas. I myself took my money for the down payment of my house.”
Not everyone qualifies for the plan. Individuals must meet a minimum income requirement and they have to be healthy. Paul Boulet Insurance pays for its clients’ exams.
The second part of Boulet’s business is the multigenerational IRA, also known as stretch IRA. This plan grows tax-free and can be passed on tax-free to future generations.
Boulet is available for telephone and in-person consultations at no charge.
Paul Boulet’s contact information is 310.963.0210 and possibletodo@yahoo.com.