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  2. Do You Pay Taxes on Life Insurance? - AOL

    www.aol.com/pay-taxes-life-insurance-144951266.html

    In the event you do have a taxable estate, consider putting the policy into an irrevocable life insurance trust. This will transfer ownership of the policy and remove it from your estate.

  3. Will My Beneficiaries Pay Taxes on Life Insurance? - AOL

    www.aol.com/finance/beneficiaries-pay-taxes-life...

    When beneficiaries receive a payout from a life insurance policy, they typically don't have to pay taxes. However, there are a few situations where a portion of the life insurance benefit is ...

  4. When and How to Cash Out Life Insurance - AOL

    www.aol.com/finance/cash-life-insurance...

    Life insurance is designed to provide a death benefit to your loved ones after you pass away. Certain policies can also accumulate cash value that you can tap into during your lifetime. There are ...

  5. Internal Revenue Code section 79 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Insurance cash values may provide tax-free income as long as the policy is kept in force and withdrawals do not exceed the cost basis; A section 79 plan may be used for the following applications Group life insurance benefits; Deductible insurance to fund estate planning needs of the business owner

  6. Modified endowment contract - Wikipedia

    en.wikipedia.org/wiki/Modified_endowment_contract

    A modified endowment contract (MEC) is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy. In a modified endowment contract, distributions of cash value are taken from taxable gains first as compared to ...

  7. Life insurance tax shelter - Wikipedia

    en.wikipedia.org/wiki/Life_insurance_tax_shelter

    In those jurisdictions where life insurance proceeds are only tax-free at death, tax liabilities that come due at death are often offset by a policy of the same size. Since the mathematics required to compare different strategies is quite complex, most consumers defer to an accountant or life insurance agent for advice. However, there is often ...

  8. How Can I Avoid Taxes on Life Insurance Proceeds? - AOL

    www.aol.com/avoid-taxes-life-insurance-proceeds...

    If you are the beneficiary of a life insurance policy from a person who has an estate over the estate tax exemption limit ($12.06 million) you could have to pay estate taxes for that payout.

  9. Universal Life Insurance: Benefits, Drawbacks & Costs ... - AOL

    www.aol.com/finance/universal-life-insurance...

    With universal life insurance, cash value growth is tax-deferred, implying that you aren’t obligated to pay taxes on the gains while they accumulate. In addition, death benefits are typically ...