Tax Treatment of Life Insurance Proceeds ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $290.00
Non-Member Price $334.00
Overview
One of the important considerations in many financial transactions is the tax treatment the transaction is given. Often, the impact of taxation is a consideration in the purchase of life insurance every bit as much as it applies to stock purchases, bond purchases and the establishment of qualified retirement plans. In this course we will look at the tax treatment given proceeds from life insurance policies and will consider the taxation of death benefits, cash value withdrawals, loans and surrenders.
Highlights
Life insurance death benefits. Life insurance policy living proceeds.
Prerequisites
None.
Designed For
CPAs, financial professionals, enrolled agents, and attorneys.
Objectives
Calculate the gain to be recognized as a result of various life insurance policy transactions. Identify the changes to the customary tax treatment of life insurance policy living proceeds resulting from the policy being deemed a modified endowment contract (MEC). Calculate the reportable gain upon receipt of life insurance policy death benefits. Recognize the types of life insurance exchanges that are tax-free under IRC Section 1035. Define the terms “terminally-ill” and “chronically-ill” as used in the Health Insurance Portability and Accountability Act. Identify the income tax treatment of accelerated death benefits, viatical settlements and life settlements.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Paul Winn, Western CPE
Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.
Non-Member Price $334.00
Member Price $290.00