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Old 03-09-2013, 07:39 AM   #51
Meck77
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I hear pimping midgets is good money.
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Old 03-09-2013, 07:39 AM   #52
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Originally Posted by broncogary View Post
You are so wrong.

Hmmmmmmm


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Are Proceeds received from Life insurance proceeds taxable?


Generally, if you receive the proceeds under a life insurance contract because of the death of the insured person the benefits are not taxable income and do not have to be reported on your individual tax return.

But, any interest you receive on the proceeds would be taxable and would need to be reported just like any other interest received.

However, if the policy was transferred to you for valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts. This is not generally applicable to most individuals as very rarely individuals will purchase somebody else's policy!

For a more detailed explanation on this topic please refer to IRS Publication 525.
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Old 03-09-2013, 07:46 AM   #53
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I said they were estate taxable, in other words, proceeds from life insurance on policies owned by the decedent are included in the gross taxable estate of someone who dies.

Last edited by broncogary; 03-09-2013 at 07:49 AM..
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Old 03-09-2013, 07:56 AM   #54
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I said they were estate taxable, in other words, proceeds from life insurance on policies owned by the decedent are included in the gross taxable of someone who dies.
Yeah, it's so difficult to create an irrevocable life insurance trust to be set up as the "owner" of the policy and thus, not be subject to any estate tax (and yet, BH makes money on the added level of complexity) and no, not getting into gifts taxes or lump sum vs installments, but hey BH can make money off of making sure those are dealt with correctly too!

This is why I said "generally" and am just using common phraseology.

GENERALLY speaking, life insurance proceeds are not subject to taxes.
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Old 03-09-2013, 08:06 AM   #55
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Yeah, it's so difficult to create an irrevocable life insurance trust to be set up as the "owner" of the policy and thus, not be subject to any estate tax (and yet, BH makes money on the added level of complexity) and no, not getting into gifts taxes or lump sum vs installments, but hey BH can make money off of making sure those are dealt with correctly too!

This is why I said "generally" and am just using common phraseology.

GENERALLY speaking, life insurance proceeds are not subject to taxes.
Hey, we agree that life insurance proceeds aren't taxable to the person who receives them. They are includible in the estate of the owner of the policy, so they may or may not result in estate tax.
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Old 03-09-2013, 08:12 AM   #56
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Hey, we agree that life insurance proceeds aren't taxable to the person who receives them. They are includible in the estate of the owner of the policy, so they may or may not result in estate tax.
That's what the trust is for! For extra $$$ BH will set that up for you!
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Old 03-09-2013, 08:14 AM   #57
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That's what the trust is for! For extra $$$ BH will set that up for you!
Crummey trusts have been around forever.
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Old 03-12-2013, 02:17 PM   #58
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You're bumping this thread an hour into free agency?
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Old 03-12-2013, 02:21 PM   #59
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You're bumping this thread an hour into free agency?
It was more of a response to Chris's post... probably better suited for PM... my bad.
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Old 03-12-2013, 02:24 PM   #60
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Deleted.... nothing to see here.....
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