Do I Need to Pay Taxes on Life Insurance Proceeds?
May 17, 2021
Knowing when life insurance is taxable and how to avoid taxation can help families ensure their loved ones get all of their policy’s proceeds.
Knowing when life insurance is taxable and how to avoid taxation can help families ensure their loved ones get all of their policy’s proceeds.
While memorials and tributes continue to pour in, one thing is clear: Prince Philip had clearly defined wishes regarding how he wished to pass, as well as his funeral plan.
The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
How can you prepare your children to handle the assets they’ll eventually inherit?
There’s no debating the fact that Marilyn Monroe was an icon. She remains one nearly six decades after her mysterious death in 1962 at the age of 36. Monroe and her likeness are still BIG business, generating millions of dollars a year in royalties and license fees.
Mehmet Öz, a U.S. celebrity surgeon of Turkish origin better known as “Dr. Oz,” took legal action against his sister Nazlım Suna Öz, claiming she forged documents over their father’s inheritance.
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3000 County Road 42 W. Suite 310
Burnsville, MN 55337
