Life Insurance Proceeds LIFE INSURANCE PROCEEDSSince life insurance proceeds generally contain beneficiary designations, these must be integrated with the provisions in the Will. There is no real conflict in this area, since the Will serves the function of disposing of property not otherwise disposed of by arrangements made during your lifetime. A life insurance policy is one such arrangement as is, for example, a trust or a joint...more
Tax Advantages of Life Insurance TAX ADVANTAGES OF LIFE INSURANCEAs the foregoing example illustrates, the utility of life insurance stems both from the "double return" character of lifeinsurance itself and its relatively "tax-sheltered" position.The return on life insurance is twofold. First, there is an investment return, represented by tax-free accumulation of interest on the going cash value. Secondly, there is a tax-free mortality...more
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The Ownership of Life Insurance The Ownership of Life InsuranceThe key to the role of life insurance in estate planning is the matter of ownership of the policy. Before 1954, if you yourself paid the premium on a life insurance policy covering your life, the proceeds were includable in your estate, notwithstanding the fact that you might...more
Life Insurance Provisions INTEGRATING LIFE INSURANCE WITH THE PROVISIONS OF YOUR WILLThe following checklist is designed to call to your attention a variety of areas involving life insurance where consideration should be given to the management of these matters in close correlation with your Will.(1) As previously pointed out,...more
Transfers of Life Insurance TRANSFERS OF LIFE INSURANCEIn addition to these various methods for dealing with one's life insurance portfolio through one's business, the law now permits insurance policies to be bought and sold between a corporation and its stockholders and between partners and their partnership, without destroying the tax-free character of the ultimate insurance proceeds. This provides a new method for getting cash out of a corporation during one's lifetime. Learn More About Life Estate Planning You can sell your personal insurance to your corporation. This will give you the cash value of that life insurance, and transfer the obligation for premium payment to the corporation, which now becomes both owner and beneficiary (key man insurance). The ultimate proceeds will go to the corporation, but the cash may be brought back to your family through a redemption of corporate stock. If the stock exceeds 35% of the gross estate or 50% of the net estate, this redemption will be income-tax-free, to the extent of estate taxes and other death costs. It can be seen from the foregoing that if you are a principal in your business, you are missing a good bet if you have...more
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