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Browse: Home / life insurance purchased with after tax dollars

life insurance purchased with after tax dollars

Is The Death Benefit From Business Life Insurance Income Taxable?

By Ed Hinerman on June 12, 2012

The two things you can count on, death and taxes, right? Well, done correctly at least the two don’t need to be mixed. The Gold Nugget in life insurance death benefits has always been the fact that the proceeds are not income taxable. If you take out $500,000 worth of life insurance and die, your ...read more

Posted in business life insurance, buy/sell life insurance, insurance, key man insurance, life insurance | Tagged after tax dollars, business buy/sell life insurance, business key man life insurance, business life insurance, death and taxes, death benefit not income taxable, deduct the expense, deduct the premium, gold nugget in life insurance, if proceeds were taxable, insurance, life insurance, life insurance purchased with after tax dollars, plan for business succession, Section 162 bonus plan, stick to the rules | 1 Response

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“I would gladly recommend Ed Hinerman to businessmen anywhere. When my New York Life agent told me that my 80 year old business partner couldn’t get life insurance, Ed not only got it for us, but at preferred rates. It was key to our buy/sell agreement and when he passed away last year I was able to buy his share of the company from his family with the life insurance proceeds. Thanks for going the extra mile.”
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