HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Former White House Ethics... » Reply #30

Response to SWBTATTReg (Reply #22)

Sun Jun 9, 2019, 09:47 PM

30. Are you saying that if the premium in a given year is over 50k then it is taxable?

I only know a little bit about such things, and so may be more confused than I think I am.

some years ago my husband and I started paying on a second to die life insurance policy, with our two sons as beneficiaries, although the policy itself was "The Oglethorpe Children Family trust" Or maybe "Life Insurance Trust". I don't recall precisely and at the moment can't look it up. Anyway, because at the time we were anticipating having more wealth than we wound up with, and also because of the inheritance taxes then in effect, we purchased this policy. It was a way to shelter money. After a while our financial prospects diminished, and the yearly premium was going to double, to an amount that we simply could not afford to pay. So we froze the policy at its then value. However, I want to stress that the yearly payment was significantly less than $50k, and even the increased amount would be well below that.

About a year ago, because of certain changes in circumstances, we were able to cash in the policy. It wound up being worth twice what I thought it was, which was a pleasant surprise. No taxes were due on the increase.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 44 replies Author Time Post
highplainsdem Jun 9 OP
empedocles Jun 9 #1
BigmanPigman Jun 9 #24
empedocles Jun 9 #25
rainin Jun 9 #2
Hortensis Jun 9 #3
SWBTATTReg Jun 9 #4
PoindexterOglethorpe Jun 9 #21
SWBTATTReg Jun 9 #22
LineLineLineLineReply Are you saying that if the premium in a given year is over 50k then it is taxable?
PoindexterOglethorpe Jun 9 #30
SWBTATTReg Jun 10 #34
PoindexterOglethorpe Jun 10 #39
SWBTATTReg Jun 11 #40
PoindexterOglethorpe Jun 11 #42
SWBTATTReg Jun 12 #44
calimary Jun 9 #5
keithbvadu2 Jun 9 #6
FakeNoose Jun 9 #8
ProudLib72 Jun 9 #7
keithbvadu2 Jun 9 #10
Scarsdale Jun 9 #12
Lars39 Jun 10 #35
Achilleaze Jun 9 #9
usaf-vet Jun 9 #11
Pepsidog Jun 9 #13
DesertRat Jun 9 #14
Karadeniz Jun 9 #15
FloridaBlues Jun 9 #16
spanone Jun 9 #17
MyOwnPeace Jun 10 #36
onlyadream Jun 9 #18
Grins Jun 9 #19
Retrograde Jun 11 #43
ancianita Jun 9 #20
malaise Jun 9 #23
Golden Raisin Jun 9 #26
BlueJac Jun 9 #27
Blue_playwright Jun 9 #28
SergeStorms Jun 9 #32
Blue_playwright Jun 9 #33
pansypoo53219 Jun 9 #29
drmeow Jun 9 #31
MyOwnPeace Jun 10 #37
cstanleytech Jun 10 #38
Achilleaze Jun 11 #41
Please login to view edit histories.