Sentences with phrase «ownership of the policy»

You will also then have the option to transfer ownership of their policy over to them.

The first thing to do is take ownership of the policy.

You would still retain ownership of the policy and control over the accrued cash value, in the case of permanent life insurance policies.

The transfer of all incidents of ownership of a policy to a separate entity.

For example, the living spouse or the children can claim ownership of the policy if there is proof that premium payments were taken out of their personal bank accounts.

By placing ownership of the policy with a trust — not the insured — it removes the death benefit from your estate.

They would offer to pay them half of the death benefit of their policy for ownership of the policy and the ability to change themselves to the beneficiary of the other half.

MPs are divided over whether he will keep his work and pensions brief, but consensus is growing that he may lose ownership of the policy review.

Most investment bonds also offer a child advancement policy where ownership of the policy is able to be transferred to a child when they reach a nominated age.

The next steps are determining the appropriate ownership of your policy and selecting your beneficiary.

There are some requirements regarding ownership of the policy before and at death of the insured for the benefit to qualify as tax free in some circumstances.

When transferring ownership of a policy, there are some tax issues that may occur.

The first thing to do is take ownership of the policy.

In our last example, our donor wants to keep control of their policy, so they retain ownership of the policy, and simply name their charity as beneficiary.

Because you have chosen to name the Foundation as the beneficiary of a policy, there are no disputes about ownership of the policy proceeds.

You will not have to provide insurable interest if you are buying life insurance on behalf of your parents where they will assume ownership of the policy.

Jack chooses to gift ownership of that policy to his niece and beneficiary, Diane.

The child will also gain ownership of the policy after attaining 18 years of age which was previously in the name of his parent

The policy owner controls all functions of the policy, can borrow any available cash value from the policy, can reassign ownership of the policy and can terminate the policy.

When transferring ownership of a policy, there are some tax issues that may occur.

Assignment is transfer of ownership of the policy with the Life Assured remaining the same.

And Nick Clegg and his ministers were not given a nod when the chancellor announced the personal tax allowance rise — the first pledge in the Liberal Democrat 2010 manifesto (to raise it to # 10,000)-- and the PM has already caused anger by trying to claim ownership of the policy.

Doctor Grigsby subsequently took ownership of the policy and continued to pay the policy's premiums until his patient's death a year later.

If you prefer to retain ownership of your policy and name the Foundation as beneficiary, your estate will receive a tax receipt for the proceeds after your passing.

Along would come these less than reputable business people (we'll call them pigs), who would be willing to pay you half of the value of your life insurance policy in exchange for ownership of the policy.

When you transfer ownership of a policy to any charity, the gift is irrevocable.

You transfer ownership of the policy to the ILIT and can not be the trustee.

«I don't have a solution, but as Plaid Cymru found out in the One Wales Agreement with Labour, it's often difficult for junior partners in coalitions to retain ownership of policies.

«Henry Dimbleby, who proposed the idea... said that Michael Gove, the Tory Education Secretary, is «passionate» about the plan... Some Conservatives have already sought to take ownership of the policy.

The Conservatives were quick to spot the appeal, and never ceased to claim ownership of the policy.

In a viatical settlement, a third party takes over ownership of the policy and continues making premium payments.

You transfer ownership of the policy to the ILIT and can not be the trustee.

... you provide your key person with golden handcuffs by offering them ownership of the policy and the accrued cash value, say for example... after staying with the company for ten years?

The only way I know of changing the ownership of the policy back is to take your half - sister to court.

In case the Life Insured is a minor at the time of the policy issuance, the ownership of the policy will vest in the Life Insured on attainment of 18 years of age, age last birthday.

In case of the life insured being a minor at the time of policy issuance, the ownership of the policy will vest in the life insured on attainment of age 18 years, age last birthday.

In case the Life Insured is a minor at the time of policy issuance, the ownership of the policy will vest in the Life Insured on attainment of 18 years of age, age last birthday.

Transfer ownership of the policy to a funeral home.

A disadvantage of this approach is that the ownership of the policy may be deemed to a business owner (shareholder, member or partner) and this may cause the policy to be included in his / her estate.

Upon reaching the age of majority, ownership of the policy can be transferred to the child.

Secondly, in its decision, the Ontario Court of Appeal noted that it is open to parties to structure their affairs in a manner that will avoid the claw back provisions of the SLRA, by transferring ownership of the policy to a dependent spouse or a trustee or by transferring the ownership to joint names.

Eventually, ownership of the policies is gifted to the insured child at a certain age.

Policy Owner Another term for «policyholder,» the individual or entity having ownership of the policy, along with all policyowner rights.

Policyholder Another term for «policyowner,» the individual or entity having ownership of the policy, along with all policyowner rights.