Method to pay minimal taxes... to good to be true?

[Matt O.]

About two years ago my accountant mentioned "Captive Insurance" as a way to avoid paying a lot of taxes. When it seems too good to be true is usually is...blah,blah,blah, so I switched accounting firms (I had other reasons to move as well).

The other day I was speaking with a VERY Wealthy guy, and he got talking about captive insurance. I'm going to see what I can find out about it but I thought I would throw it out on this forum as well. Does anyone have any experience with captive insurance and/or currently running profits through a captive insurance company?

Thanks in advance.