<prompt> Human: I was meeting with my advisor yesterday and he mentioned the ability to set up LIRPs for your children to provide them with income streams when they retire.While Im still a long way off of retirement myself, my plans are well underway including being able to fund college for my kids. The question becomes, assuming I want to start the wealth transfer now, is this a good way to do it?  <response>: Probably not. LIRPs Life Insurance Retirement Plans generally combine high fees with low returns. Plus the only reason your advisor aka salesperson mentioned it is likely that they get a fat commission for selling it to you. 