Tax Considerations; Terminal Illness and Death
Tax Planning Tips; Disability Insurance Sep 8, 2008
The income you receive from disability income insurance may or may not be taxable. The taxability of disability income insurance benefits depends on what type of benefits you receive, whether the premiums were paid with pretax or after-tax dollars, and who paid the premiums (you or your employer).
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Tax Tips; Health Insurance Sep 8, 2008
Your health insurance coverage probably came in handy several times over the past year. It all seemed so simple at the time--you paid a deductible, and your insurance usually kicked in the rest. But what do you do at tax time? Just what are you taxed on, and what can you deduct on your federal income tax return?
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Viatical Settlements Sep 8, 2008
A viatical settlement is the sale of a life insurance policy by an individual who is terminally ill. The individual sells the policy to a third party (often a viatical settlement funding company) that pays the individual a lump-sum cash payment that is a percentage of the face value of the policy, usually 40 to 85 percent. Terminally ill individuals may wish to sell their life insurance policies in order to use the money in advance of their death rather than leave it directly to a beneficiary. For instance, you may want to sell your life insurance policy in order to have money to pay for living expenses, to pay for medical care, or to experience the joy of using or giving away the money before you die.
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Choosing an Income Tax Filing Status Sep 5, 2008
Selecting a filing status is one of the first decisions you'll make when you fill out your federal income tax return, so it's important to know the rules. And because you may have more than one option, you need to know the advantages and disadvantages of each. Making the right decision about your filing status can save money and prevent problems with the IRS down the road. |
Gift and Estate Taxes Sep 5, 2008
If you give away money or property during your life, those transfers may be subject to federal gift tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal estate taxes and some form of state death tax. You should understand these taxes and when they do and do not apply, especially since the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (the 2001 Tax Act). This law contains several changes that are complicated and uncertain, making estate planning all the more difficult.
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Life Insurance and Charitable Giving Sep 5, 2008
Life insurance can be an excellent tool for charitable giving. Not only does life insurance allow you to make a substantial gift to charity at relatively little cost to you, but you may also benefit from tax rules that apply to gifts of life insurance. |
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