Posts Tagged ‘taxable insurance’
Question: Are accelerated insurance benefits taxable?
I recently received an accelerated benefit due to cancer from a life insurance policy and wanted to know if it is taxed.
Answer: Insurance benefits should not be taxed. It is the benefit you are buying from the insurer based on the contract policy when the insurer sells you an insurance. It is seller insurer therefore who will be taxed the moment you buy or paid the contract policy. In business including insurance business, it is the seller that is being taxed not the buyer.
Avoiding a Legacy Nightmare
You might not be worried about night time monsters hiding under the bed but you should be concerned with the many ways poor planning can turn your estate into a barren, nightmare landscape for your loved ones. Avoiding a Legacy Nightmare helps you start an internal conversation about what your legacy means to you and what you want it to accomplish. More than that, it’s a simple guide to help you...
Taxation of corporate-owned life insurance policy proceeds payable to shareholders.: An article from: The Tax Adviser
This digital document is an article from The Tax Adviser, published by American Institute of CPA's on August 1, 1992. The length of the article is 1390 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: C...
The Objective Guide to Estate Planning and Life Insurance
Newly revised to include all the changes under the American Taxpayer Relief Act of 2012! Life insurance, just like any other financial tool, should only be used when there is an objectively-defined need. Nationally preeminent estate planning attorneys and authors Robert A. Esperti, Renno L. Peterson and David K. Cahoone wrote the Guide to help professional planners and their clients determine if l...
Mary Holm: Bank bashing proves too hasty
I have had a considerable sum of money on term deposit in Westpac. The term ended on a Saturday but none of the money reached my bank account until Tuesday. All my money, principal and interest, "disappeared" for three days.Where...
The role of life insurance in your estate and financial planning, Part 2 of 3