Sentences with phrase «proceeds from the life»

Your home and retirement accounts will be counted when your estate is valued for tax purposes, and proceeds from your life insurance could be counted, too, depending on how the policy is owned and who gets the money.

You can indicate in your will that a bequest be made to a charity of your choice using the proceeds from the life insurance policy.

The proceeds from a life insurance policy can be used to help pay for funeral costs and final expenses.

Your beneficiaries can choose to use the proceeds from a life insurance policy to pay for your final expenses.

Secondly, if your beneficiary is not disciplined financially, receiving a large amount as lump sum payment being the proceeds from your life insurance policy may encourage him to spend the whole money carelessly.

When Moore's husband became very ill, they planned for her to take the proceeds from his life insurance and pay off their home.

That is because the proceeds from a life insurance policy can be used for paying off large debts, ongoing living expenses by the insured's survivors, and for the high cost of the insured's funeral and other final expenses.

The guidelines were established to set limits on the amount of excess premiums a policyholder could contribute to a policy for benefiting from the tax - advantaged status of proceeds from life insurance and avoid a modified endowment contract (MEC).

However, if the trust is revocable, if you are the trustee, or if the trust is required to use the death proceeds from the life insurance to pay your estate taxes and debts, the entire death benefit may be included in your taxable estate.

In addition to using the proceeds from a life insurance policy to continue paying living expenses, these funds can also be used for paying off debts of the insured, as well as for paying his or her funeral and other financial expenses — which today can exceed $ 10,000.

One of the key reasons for this is because the proceeds from a life insurance policy can be used for multiple needs of one's survivors, such as paying off debt, replacing income for everyday living expenses, and paying the high cost of the insured's funeral and other final expenses.

Income that may be part of your gross income but is not identified as taxable income would include child support, proceeds from life insurance policies, inheritances, workers compensation payments, welfare benefits, compensation awarded as a result of physical injury, education scholarships or grants, and income paid to your retirement account (either a 401k or IRA, up to a certain amount).

«This year, for the first time, proceeds from the LIVE Art & Wine Tour will go to establish a new Downtown Public Art Fund,» said Ginny Brush, retired county arts commissioner.

(In MN, death benefit proceeds from a life insurance policy are generally not included in the gross income of the taxpayer / beneficiary (Internal Revenue Code Section 101 (a)(1).

This is because the proceeds from a life insurance policy can be used for paying off debts, continuing to pay ongoing living expenses and to pay off the insured's funeral and other related final expenses.

Tax Free Any cash or other value received that is expressly exempt from income tax, such as proceeds from a life insurance policy or tax - free amounts paid from a Roth 401 (k) plan or Roth IRA.

The proceeds from life insurance can be used for any number of things, such as replacing a breadwinner's income, paying off large debts such as a mortgage, and / or keeping promises such as paying for a child's or a grandchild's future college education.

Your family will be much better off being able to pay these expenses with the proceeds from a life insurance policy rather than needing to quickly deplete savings or sell assets — often at below market value.

The proceeds from a life insurance policy can be used to settle estate matters, including debt.

One reason for this is because the proceeds from a life insurance policy may be used for numerous needs, including the payment of debt, the continuation of ongoing living expenses of the insured's survivors, and / or the payoff of the insured's funeral and other final expenses.

This is because the proceeds from a life insurance policy can be used for a number of different things, such as paying off large debts, paying for the insured's funeral and other final expenses, and / or paying survivors» ongoing living expenses.

The proceeds from a life insurance policy can be used for a multitude of purposes — including paying off big debts, the payoff of an insured's funeral and other final expenses, and / or for the payment of loved ones» ongoing living expenses in the future.

The proceeds from a life insurance policy can ensure that some, or all, of the benefits from your policy go directly to the people and organizations that you want.

The proceeds from a life insurance policy can help offset the benefit lost after the first spouse dies.

Most of the time, the proceeds from a life insurance company can not be used in order to pay medical bills unless the recipient chooses to use them for this.

A few of the wealthiest families in America built fortunes and estates spanning numerous generations using the proceeds from life insurance policies.

This is because the proceeds from a life insurance policy can be used for a variety of needs by one's loved ones and survivors, such as the payoff of debt, the continuation of income, and / or the keeping of promises, such as paying for a..

This is because the proceeds from a life insurance policy can be used for many needs that your loved ones and survivors may have, such as paying off debts, continuing to..

That is because the proceeds from a life insurance policy can be used for paying off large debts, ongoing living expenses by the insured's survivors, and for the high cost of the insured's funeral and other final expenses.

That's because the proceeds from a life insurance policy may be used for any number of things, including the payoff of debt, the continuation of ongoing living expenses, and / or the payment of a child or grandchild's future education.

This is because the proceeds from a life insurance policy can be used for a variety of needs by one's loved ones and survivors, such as the payoff of debt, the continuation of income, and / or the keeping of promises, such as paying for a child's wedding or down payment on a home.

In cases such as this, the proceeds from a life insurance policy can help in providing an income for the survivor so that they can delay — or avoid altogether — having to go back to work while their children are still infants.

Even if you don't have anyone who is dependent on you financially, the proceeds from a life insurance policy could be used for any number of purposes, such as the payment of funeral and other final expenses, and / or the continuation of a business that is owned.

Life insurance1 can help pay for your final expenses, but that's just one example of how proceeds from a Life policy may be used.

The proceeds from a life insurance policy can be used to help pay for funeral costs and final expenses.

But the proceeds from a life insurance policy can help.

This is because the proceeds from a life insurance policy can be used for any number of purposes, such as paying off debts, ensuring ongoing income for survivors, and / or providing a legacy for those who you love and care about.

Life Insurance Income Tax When your heirs receive the proceeds from your life insurance policy, they are generally free from income tax, although some policies that provide annuities may be an exception.

Even if you don't have anyone who is dependent on you financially, the proceeds from a life insurance policy could be used for any number of purposes, such as the payment of funeral..

One reason for this is because the proceeds from a life insurance policy can be used for numerous needs — including the payoff of debts and ongoing living expenses of survivors, as well as the payment of estate taxes and / or final expenses.

A benefit for seniors securing more life insurance is that there are no restrictions on how the proceeds from the life insurance policy are used.

One reason for this is because the proceeds from a life insurance policy can be used for many different business or personal needs of one's survivors.

If both Jim and Tina became deceased their oldest child would receive the proceeds from the life insurance policy because their oldest child was chosen by Jim and Tina as the contingent or secondary beneficiary.

One of the key reasons for this is because the proceeds from a life insurance policy can be used for multiple needs of one's survivors, such as paying off debt, replacing income for everyday living expenses, and paying the high cost of the insured's funeral and other final expenses.

«The proceeds from a life insurance policy also enables your estate to pay what it owes after your death, or fund a post-death gift to your beneficiaries.»

With the proceeds from a life insurance policy, loved ones and survivors can ensure that they do not fall into financial hardship, and an already difficult time in their lives.

The proceeds from a life insurance policy can be used for a wide variety of needs.

One of the biggest reasons for this is because the proceeds from a life insurance policy may be used for any number of reasons by the beneficiary.

That is because the proceeds from life insurance can help to ensure that those your loved ones will be protected financially in case of the unexpected.

The proceeds from a life insurance policy can provide a way of replacing that lost income source.