Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#61
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#62
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expenses and penalties will eat you up. best rate I could find with guarantee is 3.5%.
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#63
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I disagree. I don't think the IRS would see it that way. If you are investing money to become the beneficiary in order to make money, I think the IRS would consider the income to be taxable. Paying money to become an irrevocable beneficiary has the same financial effect as transferring the policy.
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#64
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it's not an investment, it's a loan. the policy is the collateral. you can make anyone your beneficiary weather they loan you any money or not.
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#65
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already had 20 interested parties and meeting with 2 of them today. Some people can see the benefit of this deal.
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#66
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Well, if it is a loan, then the IRS would definitely tax you on any income you made from the loan, including interest. So, the excess in collateral you made would be taxable income. But, if it is a loan, then the beneficiary would only be able to keep part of the life insurance proceeds needed to pay off the loan. The rest would revert back to your estate.
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#67
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#68
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Excellent post and a great attempt on education...regarding life insurance. P.S. I think I'll take a pass on this "opportunity." |
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