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Episode 43: IBC BEST PRACTICES: Policy Loans and Tax Implications of Surrender
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Content provided by The Lara-Murphy Report. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Lara-Murphy Report or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Carlos and Bob reiterate the advantages of "becoming your own banker" through the use of policy loans, but they also point out the importance of paying back the loans (in most circumstances). In particular, they warn about the potential tax implications that occur if you surrender a policy.Mentioned in this episode: IRS definition of a "life insurance contract."https://www.law.cornell.edu/uscode/text/26/7702 IRS treatment of life insurance death benefits.https://www.law.cornell.edu/uscode/text/26/101
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89 episoade
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Manage episode 307189406 series 3007095
Content provided by The Lara-Murphy Report. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Lara-Murphy Report or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Carlos and Bob reiterate the advantages of "becoming your own banker" through the use of policy loans, but they also point out the importance of paying back the loans (in most circumstances). In particular, they warn about the potential tax implications that occur if you surrender a policy.Mentioned in this episode: IRS definition of a "life insurance contract."https://www.law.cornell.edu/uscode/text/26/7702 IRS treatment of life insurance death benefits.https://www.law.cornell.edu/uscode/text/26/101
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