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locodroid | Does Life Insurance have any tax implications? |
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Financial JUSTICE
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In many cases, say 99% of them, life insurance has no tax implications. Death benefits are paid to the beneficiary free of taxes. If you don't have a named beneficiary and you died, the death proceeds would go to your estate. Then taxes will incur on your estate.
Unless you purchased an endowment life insurance during the 1980s, then you may have to worry about potential tax problems. If you don't have this, then you have nothing to worry about. |
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Mark S
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If you have a UL,VUL or WL insurance and you take a loan out on the cash in the "savings" feature, you are told that it is not taxed. It isn't beacuse it is a loan, not a withdrawal of funds. If it was a withdrawal of funds, you would pay taxes. Do you pay taxes on cash advances on credit cards? Same thing here.
BUT, if you have an outstanding loan and you die, two things could happen.
1) If loan amount does NOT exceed premiums paid, there will be NO TAX CONSEQUENCE. Your beneficiaries will, however, receive face amount minus the loan amount plus accrued interest.
2) If loan amount DOES exceed premiums paid, you WILL owe taxes on the amount OVER the premiums. And again, beneficiaries receive face amount minus loan amount plus accrued interest.
To show: 1) say you have a cash value policy, face amount 100k(make it easy), premium each month is $100. Ten years later, you have paid $12,000. Cash value equals $3500. You die. As you can see 3500 does not equall 12,000; presuming you don't take it all out(3500) but take 3000, your family will receive at least $97,000 minus interest on the 3000.
2) Same as above except it is now 30 years down the road. Paid $36,000 in premiums, you now have $45,000. You die. There is an outstanding loan of 40k. You will be taxed on the difference 40-36= 4k, plus accrued interest.
This is very simple and should in no way be taken as to be accurate but is meant for illustrative purposes only. |
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aaron p
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There are lots of potential tax implications with life insurance. Can you be more specific in your question?
If your business owns and pays the premium on a policy which names a personal beneficiary, you need to pay the IRS an amount equal to the "economic benefit" of the insurance or structure a "loan regime". -for instance.
PS Mark: A withdrawal up to your cost basis is not taxed. |
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src50
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Life insurance proceeds left to individuals are not taxable. If the life insurance beneficiary is the deceased person's estate, then normal probate costs and possible "estate taxes" could apply. |
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mbrcatz
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Life insurance is a common tool to AVOID estate taxes. So, yes. |
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Petra Alberici
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My two brothers & I just found out that we are beneficiaries of a $100,000 life insurance policy from our father. My father had remarried 15 years ago and he had told us that the money was going to her. We want to honor his wishes but are afraid of any tax complications for each of us to receive $33,333.00 and then to in turn , write her a check for this amount. We are thinking it would be better to put the money in an interest bearing account and each of us gift her $11,000 a year. Would there be any tax penalty if we give her a check for check for $33,000? |
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