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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
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Hello, I have a couple questions- My husband and I are both disabled. He draws disability thru Social Security and a small 101.79 a month pension. I am 100% unemployable thru the Veterans Administrati… read more
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I took loans on my life insurance policy. I never paid any
I took loans on my life insurance policy. I never paid any of the loans back. The last loan was in 1999. In 2014 the insurance company reported the entire amount of the loans with interest to the IRS … read more
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I received a form 1099-R from MetLife because my life
please. I received a form 1099-R from MetLife because my life insurance policy lapsed, however, I was able to reinstate it as soon as I was notified of the lapse. The 1099-R is regarding an outstandin… read more
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I have a client who wants to put 1 million into life
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I am about to surrender a "variable universal life insurance
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I am over 65. If I surrender 2 whole life policies with outstanding
I am over 65. If I surrender 2 whole life policies with outstanding loan values and receive cash surrender values from them, do I need to pay income or state tax on the taxable income values of the lo… read more
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I have a whole life insurance policy with a surrender value
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I have accelerated death benefits, I am the insured and the
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I received an early disbursement on my life insurance to pay
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My wife has been diagnosed with terminal cancer. She is working
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what are the tax implications for surrendering a life insurance
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My Dad has a life insurance policy purchased at least a few
My Dad has a life insurance policy purchased at least a few decades ago. The Cash Surrender Value (CSV) is much greater than the death benefit amount. I checked with the insurance company and his esta… read more
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If I surrender my life insurance policy for cash before death,
If I surrender my life insurance policy for cash before death, do I have to pay federal taxes on it… read more
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will I have to pay taxes on life insurance policy on spouse
I would like to know how much taxes I will have to pay on a life insurance policy I have on my spouse. I am the owner and beneficiary… read more
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I want to surrender a Term Life Ins. Policy. I do not ...
I want to surrender a Term Life Ins. Policy. I do not understand the verbage on policy how would i know if I 'll have a capitol gain penalty?… read more
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