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Episode 43: IBC BEST PRACTICES: Policy Loans and Tax Implications of Surrender

EPISODE · Sep 12, 2017 · 45 MIN

Episode 43: IBC BEST PRACTICES: Policy Loans and Tax Implications of Surrender

from The Lara-Murphy Report · host The Lara-Murphy Show

Carlos and Bob reiterate the advantages of "becoming your own banker" through the use of policy loans, but they also point out the importance of paying back the loans (in most circumstances). In particular, they warn about the potential tax implications that occur if you surrender a policy.Mentioned in this episode: IRS definition of a "life insurance contract."https://www.law.cornell.edu/uscode/text/26/7702 IRS treatment of life insurance death benefits.https://www.law.cornell.edu/uscode/text/26/101

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Episode 43: IBC BEST PRACTICES: Policy Loans and Tax Implications of Surrender

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