Tax Planning/life insurance


In what instance if any would it be advantageous to make my son the owner of my life insurance policy?

From a tax standpoint any proceeds from your insurance are usually not taxable. So, I don't think it makes any difference whether he owns it or is just named as beneficiary - at least from a tax standpoint. Mostly it may be who is responsible for making the payments that matters most.

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Richard S


My expertise is in collecting past due taxes and tax returns. While at the IRS I worked on wage and bank levies, liens, Offer in Compromise, late filing and payment agreements every day. I spoke with over 20,000 people concerning their issues while I worked there (just retired).


Ten years working for the the IRS in Collections and tax return review. Worked with over 20,000 people on their IRS issues. Explained their options and usually worked out a solution while they were on the phone.

Masters Degree from Iowa State in Ames.

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