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Tax Information With a Mother's Touch Volume 3, Issue 96 January 19, 2001 IRA Losses |
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From Allen, TX  Cashing in the life insurance policy may or may not be taxable. To the extent the money received is less than the premiums paid, there should be no taxable gains. If you receive more money than the premiums paid then the profit is taxable. you may want to review the policy to see if you can borrow against the cash value then the amount taken out is not taxable and there is life insurance should the insured die. Before the policy is canceled review why there is life insurance and is there any need to continue to keep the policy in effect. The second part of the question as to how to invest tax free basically tax free bonds or annuities (you may roll over the cash value in an annuity and defer the tax), there are tax efficient mutual fund too. You may want to review the need for income and the tax brackets of the people receiving any income to do more planning. Best wishes, Eva Rosenberg |
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