Sentences with phrase «ownership of the life insurance policy out»

In this case, however, it is important to keep in mind that you should keep the ownership of the life insurance policy out of your personal name.

By moving ownership of the life insurance policy out of the insured's ownership and into the ownership of a trust, for instance, the value of the policy's proceeds will not be included in the insured's total estate — and he or she will therefore not owe taxes on this amount.

Not exact matches

An easy way to dodge the estate tax with regards to your policy is to transfer ownership of the policy to a family member you trust to dole out the life insurance proceeds.

It is common amongst business partners to take out «key man» life insurance policies on each other to both ease the burden of loss on the company, and to help cover the taxes on transfer of ownership to the remaining partner or partners.