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I own a life insurance policy on my son. It has a large gain
I own a life insurance policy on my son. It has a large gain if surrendered and also has a large loan. If I keep this policy until i die and he becomes the owner, does the policy get a step up in basi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Can you right off a financial loss if you cancel a universal
can you right off a financial loss if you cancel a universal life policy that has a cash value, because the surrender rate is so high? … read more
Stephen G.
Stephen G.
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Bachelor's Degree
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To be excluded from the decedent's gross estate, life
To be excluded from the decedent's gross estate, life insurance benefit proceeds payable to others must be from a life policy over which the decedent had at death no 'incidents of ownership . . .' Alt… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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How can my sisters and I avoid going thru probate at the
How can my sisters and I avoid going thru probate at the death of our Mother who lives in Port St. Lucie, FL and none of us live in FL?… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
my father has a universal insurance policy that he is the owner
my father has a universal insurance policy that he is the owner of and the beneficiary is a generation skipping trust that would be payable to a life insurance trust . upon his death are the proceeds … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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Lane or Robin D If one has taken a permanent life insurance
Lane or Robin D If one has taken a permanent life insurance policy from usa where one initially contributes a premium of $6k for 7 years during one's stay in usa as permanent resident and policy keeps… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
In most cases, the death benefit of a life insurance policy
In most cases, the death benefit of a life insurance policy is not subject to taxation, unless it falls under the "transfer for value" rule. Does the "transfer for value" rule apply to charity-owned l… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
I had a Variable universal life Insurance policy for $125,000.
I had a Variable universal life Insurance policy for $125,000. and have paid over $50,000. in premiums over the life of this policy. My premium now requires that I pay $5,919. plus my regular payment … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
LIFE INSURANCE PROCEEDS PAYABLE TO THE TRUST OF THE DECEDENT,
LIFE INSURANCE PROCEEDS PAYABLE TO THE TRUST OF THE DECEDENT, IS IT INCLUDED ON THE OHIO ESTATE TAX RETURN? OR COULD IT BE EXCLUDABLE UNDER ORC 5731.12.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Determine the gross income for the following cases: 1) Coral
Determine the gross income for the following cases: 1) Coral Corporation collected $1 million on a key life insurance policy when its chief executive died. The corporation had paid the premiums of the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I was the Personal Representative for an Estate in Indiana
I was the Personal Representative for an Estate in Indiana that closed in 2007. There were several Insurance Benefit Policies in the name of the decedent that were not included in the Estate (this was… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,106 satisfied customers
I have heard of an estate management method where a person
I have heard of an estate management method where a person buys a Universal life insurance policy with a lot of cash (e.g. uses $9 million in cash to buy a $10 million policy) and uses the tax exempti… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
We used the step up marital deduction, 650 to 1000 to fund
We used the step up marital deduction, 650 to 1000 to fund a Life Insurance trust for estate tax planning, from 1999 to 2006 totaling 2m. or = to the marital deduction max in 2006. Now the two policie… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I bought a Term Life Policy in 1970, then contracted ...
I bought a Term Life Policy in 1970, then contracted MS. The policy was converted to Whole and was paid by a waiver of premium, which started in 1974. Can I be taxed for taking loans against the polic… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My father just passed away and left my mother 2 policies.
My father just passed away and left my mother 2 policies. One from the VA for $10,000.00 and one larger policy for $200,000.00. She is 76 and has always been a stay at home mother. She rents an apartm… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
For example If the gross Estate of a deceased is about ...
For example: If the gross Estate of a deceased is about 1,400,000.00 inclusive of the insurance policy worth $500,000.00 where after the deceased the contingent beneficiaries are his mother and sister… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
My husband deceased last year. I do not have any kids. My ...
My husband deceased last year. I do not have any kids. My husband had a Life Insurance but his mother and sisters are the beneficaries. Will the Life Insuarnce amount be taken as part of his Estate In… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
If my spouse or I should die and we have only a will, ...
If my spouse or I should die and we have only a will, is probate required and will the 50% tax apply?… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
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