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I will answer questions of a general nature regarding life insurance, disability income insurance annuities (fixed and variable) and long term care insurance. Also, questions regarding estate analysis. No legal or accounting advice, as I am not a lawyer or a CPA. I do not sell health insurance, so have limited knowledge of the current status of that field.
Families, professionals, small businesses, individuals.
I like helping people provide security for their family and to provide for their future income needs. I also like the fact that life insurance is the only financial product that creates an estate at death where there is none or it is less than required.
I hope to merge my marketing and service efforts with the convenience and immediacy of feedback of the internet. I further hope to move more into the field of employee benefits planning for top hat executives.
Life insurance proceeds are income tax-free and probate-free when paid to a named beneficiary, as a general rule. Where the policy has been previously transferred for value (i.e. sold), this rule does not apply (proceeds would be subject to income taxes).
On almost an annual basis, the White House proposes increasing taxes on insurance consumers by removing tax advantages from life insurance and annuity products. The National Association of Insurance and Financial Advisors maintains a large lobbying force for the purpose of fending off these proposed tax increases using public awareness campaigns and letter writing drives.
| User | Date | K | C | T | P | Comments |
|---|---|---|---|---|---|---|
| Dave | 08/14/09 | 10 | 10 | 10 | 10 | Excellent guidance; thanks so much. |
| tonyamcfadden | 08/11/09 | 10 | 10 | 10 | 10 | Awesome - thank you for your help! |
| lee | 08/11/09 | 10 | 10 | 10 | 10 | Thanks for all the info. |
| angelina | 06/16/09 | 10 | 10 | 10 | 10 | Thanks ! |
| Paul | 06/01/09 | 10 | 10 | 10 | 10 | Thank you Dave for your quit response ..... |
It appears that you have a cash value policy - not term life - that is part of a profit sharing plan or money purchase pension plan. As such, the policy must terminate at age 70 as long as it is left
In most instances, life insurance proceeds are not subject to income taxes. However, if your brother's estate was large enough, the life insurance proceeds will be considered a part of his estate (assuming
I would prefer to use the word "would" rather than "should," as the latter implies that someone else is making a decision for you that is simply a matter of choice. With that, I suggest that Idexed
Sorry about the passing of your dad. If he was in fact the sole primary beneficiary, the proceeds will be payable to his estate. If he had a will, his estate will be distributed in accordance with it
On the face of it, you are arguably at the level of income and assets where you could afford to fund your own long term care needs out of pocket. With that said, there are good reasons to shift some of
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