No, do not transfer life insurance policies into a trust. Generally, life insurance proceeds received as a beneficiary aren't included in gross income; however, any interest received is taxable.
Variable Universal Life (VUL) & Indexed Universal Life (IUL) are indexes that payout according to the performance of the market(s) they deal in. Universal Life (UL) is the basis that VUL and IUL are built on (actuarial tables of term insurance). ...
Yes. Unclaimed property is not taxed while it is filed as unclaimed; however, when it is reclaimed, the property may be considered taxable income. Some unclaimed funds such as investments from a 401(k) or an IRA can be reclaimed tax-free.
Some have rather larger insurance policies with significant cash value, intending to keep those policies in effect for the death benefit. When applying for Medicaid for nursing home coverage, the state will count the value of those policies against ...
It depends because everyone is different. High risk-rewards policies such as IUL & VUL have higher growth rates and are great for those in an upward market - and when done for less than 5-10 years. In short, it usually comes down to the desired cash ...