Sentences with phrase «to be the owner of the policy»

Since the husband was the owner of the policy, the death benefit is included in the estate and is subject to estate tax.

Normally, the employee is the owner of the policy and has all the policy's rights typically inherent as the owner of a policy.

Be aware that if you do want to apply to a plan you can be the owner of the policy as well as the beneficiary of the policy.

The insured executive is the owner of the policy and able to name the beneficiary of the entire death benefit.

You, as the business owner, would be the insured person; you would also be the owner of the policy.

The business is the owner of the policy, pays the premium and is the beneficiary in the event the key person dies.

When you start researching term life insurance for your working spouse, know that he or she will still be the owner of the policy.

The insured may or may not be the owner of the policy.

In cases where the insured person is the owner of the policy, the proceeds are subjected to estate tax when he or she dies.

Instead of the insured party being the owner of the policy, it should be the beneficiary.

Whereas in group plans, the sponsor is the owner of the policy and the registered members are covered by the policy.

In a traditional life insurance plan, an individual is the owner of the policy, whereas his / her spouse is the beneficiary.

Under the loan arrangement, the employee is the owner of the policy and the employer pays the premium.

Moreover, because the employee / executive is the owner of the policy they get to choose the beneficiaries, or used the policy's cash value as needed.

With a term life insurance policy for the purpose of securing a business loan, you, the business owner, are the insured person and can also be the owner of the policy.

There are a few additional things to consider however: Who is the owner of this policy?

This means that a husband would be the owner of a policy in which the wife is the insured and vice-versa.

In cases where the employer of your spouse is the owner of the policy on behalf of your spouse, and the beneficiary is you or the employer, any proceeds above the premiums paid are considered to be taxable income to the death benefit's recipient.

In the event that the estate would be valued higher than the exemption amount, one solution may be having an irrevocable life insurance trust be the owner of the policy.

Life Insurance Estate Tax If you want to make sure that your heirs can receive the life insurance without being concerned with estate taxes, make sure that the beneficiary is the owner of the policy instead of you.

While life insurance death benefits are generally excluded from income tax to the beneficiary, they are included as part of the estate of the deceased if the deceased was the owner of the policy at the time of death.

Under the economic benefit arrangement the employer is the owner of the policy, pays the premium and endorses or assigns certain rights and / or benefits to the employee.

For instance, if a husband is the owner of a policy and his wife is the insured, with their son the beneficiary, the IRS may consider this an attempt to circumvent the gift tax and declare that the insurance death benefit proceeds are subject to taxes, with those taxes charged to the husband as the owner of the policy.

This means that a husband would be the owner of a policy in which the wife is the insured and vice-versa.

The employee is the owner of the policy, which means they maintain all rights with regard to naming beneficiaries and electing investments options is it's a variable life plan.

Since the executive is the owner of the policy the can choose whatever plan they want.

And the parent or grandparent can be the owner of the policy and direct whether or not the funds can be accessed.

Since his sister pays the premiums on the life insurance policy, I assume she is the owner of the policy.

Since you are paying the premiums and are the owner of the policy, it is an asset that would be included in your estate.

If you are the owner of your policy, you can transfer ownership.

You can be the owner of the policy and you will collect in the event of a partner's death.

Besides an organization (the employer) being the owner of the policy, group life insurance works essentially the same as individual policies.

The borrower must be the owner of the policy, but not necessarily the insured, and the policy must remain current for the life of the loan with the owner continuing to pay all necessary premiums.

In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy.

In the eyes of the IRS, since the husband was the owner of the policy, he has given a gift of the benefit to his son — making it a taxable gift amount.

This is because he is the owner of the policy.

If you are the owner of your policy, you can transfer ownership.

Besides an organization (the employer) being the owner of the policy, group life insurance works essentially the same as individual policies.

Whether you are purchasing a new life insurance policy or using an existing policy on an ex-spouse, you should make sure you're the owner of the policy.

On the other hand if you wish to purchase the policy so that your mother is the named insured, then you will be the owner of the policy since you are the one paying the premium.