The transfer for value rule essentially says that, when you pass away, the third party would have to pay taxes on the life insurance death benefit. (valuepenguin.com)
One exception to the fair market value rule is when a transfer is made of an asset from one spouse to another. (moneysense.ca)
The transfer for value rule essentially says that, when you pass away, the third party would have to pay taxes on the life insurance death benefit. (valuepenguin.com)