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modified endowment contracts so were going to cover mecs Max modified endowment contracts what this is this is a life insurance policy a whole life policy that someone put too much money in and what happened was the i in back in the day before this was a rule I think in 1984 it became a rule wealthy people used to just use high life insurance policies as high interest cash accumulation vehicles and the IRS said no this isnt intended for that its intended to make sure that if someone dies their familys taken care of and thats why they get the tax advantages youre just using it for your own personal benefit and greed not for the aid of the family your family when you die so what they said is theyre going to make a rule called a seven pay Rule now what this means it limits the amount of money that can put and be put into life insurance policy in seven years and if the policy violates this rule becomes a modest modified endowment contract so theres a cap on it they say hey in sev