Sentences with phrase «proceeds out of the estate»

ILIT for family business succession planning, an ILIT is a way to keep the life insurance proceeds out of the estate and thereby aggravate what may be an existing estate tax problem.

There are ways also to keep your life insurance proceeds out of the estate.

The main advantage of coverage for estate planning: Life insurance proceeds are not taxed as long as you keep the proceeds out of your estate if your estate exceeds the federal estate tax exclusion amount, currently $ 5,450,000 in 2016.

ILIT for family business succession planning, an ILIT is a way to keep the life insurance proceeds out of the estate and thereby aggravate what may be an existing estate tax problem.

Not exact matches

Any alimony or support arrears for the 12 months prior to the date of bankruptcy are considered a preferred claim and are paid out of the proceeds of the bankrupt estate before any other unsecured claims.

The great thing about life insurance is that the death benefit is paid out income tax free and not necessarily tax free altogether as life insurance proceeds are typically included into the gross estate of the decedent (the deceased) and are thus subject to estate taxes (sometimes called «death taxes»).

Are you aware of the steps involved to legally proceed with a real estate buy out and is it a wise move from an investment point of view?

Justice Brown noted that if separating parties wished to exclude life insurance proceeds from the reach of the SLRA, they could make the life insurance policy jointly owned (the SLRA does not capture jointly - owned policies of insurance as set out in the Ogilvie Estate case).

Some of the more frequently overlooked (and therefore dangerous) limitation periods include: i) the limitation period set out in section 38 (3) of the Trustee Act which applies to certain claims brought by or against the estate of a deceased person; ii) the 6 month limitation period for dependent's relief claims that is set out in section 61 of the Succession Law Reform Act; and iii) the one year limitation period set out in section 259.1 of the Insurance Act, which applies to «a proceeding against an insurer under a contract in respect of loss or damage to an automobile or its contents».

Agents who sell survivorship life insurance often point out that your beneficiaries can pay estate taxes with the proceeds of your policy, so they won't be forced to sell your house quickly or liquidate assets to pay an estate tax bill.

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.

If you have a large estate or a large policy, leaving those proceeds to a trust keeps them outside your estate and out of the reach of the taxman.

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.

If you have experienced that situation, you will have found out that life insurance proceeds are handled outside Probate Court, and are much easier to deal with than all the other legal issues of handling someone's estate.

If properly structured, the policy's death proceeds can be kept out of the insured's taxable estate, resulting in greater wealth being transferred to the heirs.

The death benefit also remains level and is paid out free of income taxes at the death of the insured... unless you make your policy proceeds part of your Estate.

It serves as a great estate planning tool as it can be purchased by an irrevocable trust, with your heirs as the beneficiary and the insurance proceeds are kept out of the estate for tax purposes.

In the event the respondent named in any complaint alleging a violation of the Code of Ethics is involved in civil litigation or in any proceeding before the state real estate licensing authority or any other state or federal regulatory or administrative agency in a matter arising out of the same facts and circumstances giving rise to the complaint alleging unethical conduct, the complaint may, at the discretion of the Grievance Committee, or on appeal, at the discretion of the Board of Directors, proceed to a hearing before a Hearing Panel of the Board's Professional Standards Committee.

357 DOS 02 Matter of DOS v. Elias - failure to appear at hearing; failure to pay judgment; proper business practices; deposits; DOS fails its burden of proof; restitution; ex parte hearing may proceed upon proof of proper service; respondent failed to fully satisfy a judgment obtained against him without showing that he was unable to do so; a rental broker is entitled to compensation only after procuring a rental agreement between tenant and landlord; retaining part or all of the deposit without obtaining a rental agreement demonstrates untrustworthiness and incompetency; restitution may be ordered as a condition to retention of the broker's license where he has received money to which he is not entitled; unlawful for broker to operate real estate brokerage business at an address other than that which was stated on his application; broker operated his real estate business out of an address prior to obtaining a license for that address; DOS failed to prove that respondent commingled and converted deposits; real estate brokers license suspended for four months and an additional period of time until respondent proves he has paid the balance of the judgment

«So in the simplest terms, if you have real estate, you're going to buy a piece of property with the illegal funds, hang on to it — or have rental income from it, so that rental income is legitimate — and eventually when you sell the real estate, you get your proceeds out of it and by all accounts it appears to be a legitimate transaction.»