Are Keyman Insurance Death Benefits Tax-Free?
Beware of the tax-traps lurking on keyman, key person life insurance.
Are Keyman Insurance Death Benefits Tax-Free?
Key person life insurance death benefits are tax-free if certain steps are taken prior to issuance of the policy & certain conditions have been met at death. Otherwise, the death benefits in excess of the premiums paid are taxed as ordinary income.
Read more about Employer Owned Life Insurance, (EOLI) aka Company Owned Life Insurance (COLI)
The steps and save harbor provisions can be found at //www.get-term-insurance-quotes-now.com/key-person-life-insurance.html
Bruce E Cox CPA
Profit from my 35+ years experience working with high net worth individuals, families, entrepreneurs and businesses, helping them create wealth, keep their wealth and pass it on to the next generation. You can benefit too. I have made and lost millions in the stock market and you can benefit from this too. Ever since I have been searching for Safe Income Strategies and Solutions. We use three Safe Income Strategies that are focused on keeping your money safe, paying more than Bank CDs, Money Markets and Treasuries without the gut wrenching downside and yo-yo volatility of Stocks, Bonds and Mutual Funds. These Strategies Work. During the Financial Market meltdown of 2008 and 2009 none of our clients using these Strategies lost money due to market volatility.