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In this tutorial, Dr. Tom McPhee explains modified endowment contracts (MECs) with his son, Jesse. A MEC occurs when a life insurance policy is overfunded within the first seven years, leading to tax implications similar to those of a 401(k) or IRA. To prevent a policy from becoming a MEC, it's essential to design it so that premium payments do not exceed the necessary amount over that seven-year period. Key guidelines focus on monitoring contributions to avoid accidental overfunding, ensuring that the policy remains compliant with the necessary premium limits.
