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Employer-Owned Life insurance and Income Taxes
Prior to 2006, the death benefits from corporate or business-owned life insurance policies were generally tax-free. After August 17th, 2006, laws were changed to allow for income taxation of death benefits on these policies issued after this date. The legislation … Continue reading
Business Life Insurance
Business life insurance is an extensive topic that can’t be covered in one blog post but here’s some data to start with. There’s a helpful article on business life insurance from The Baltimore Sun that speaks to the often neglected … Continue reading
Corporate Owned Life Insurance (COLI)
Corporate owned life insurance is used in for various ways, including the funding of deferred compensation plans. The use of life insurance to fund these plans is common because life insurance as a financial instrument has unique attributes that especially … Continue reading
Life Insurance: Funding Business Buy Sell Agreements
If you are an owner in a closely held business with other partners or stockholders, here’s a question for you: “Are you prepared to work with your partner’s spouse as your partner?” Why is that question asked? If your partner … Continue reading
Key Person Life Insurance
Key person life insurance is a type of business life insurance used to insure a company’s financial loss when a person vital to the organization’s success dies. Why have key person life insurance? Let’s look at a few examples. Let’s … Continue reading
Life insurance for Business Uses: Buy and Sell agreements
Life insurance, as most people know, is a unique financial instrument that helps families by creating a lump sum that can be use to replace some or all of the income that is lost when someone dies. Life insurance for … Continue reading