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Life Insurance, Annuity and LTC Brokerage General Agency

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    When an individual dies, every piece of property owned by that deceased individual must be transferred to a new owner.  Both real property and personal property (tangible and intangible) can pass to the decedent’s heirs in a number of ways.  Property can take on many forms, such as shares of a closely held business (i.e. Read More

    The post How Different Types of Property are Legally Transferred at Death appeared first on BSMG.


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    Often times we find ourselves dealing with clients who have accumulated significant non-qualified annuity account values. Tax deferred Section 1035 exchanges, over many years, may have caused business owners, professionals or wealthy individuals to have large six figure or even seven figure account balances. In these accounts, the original cost basis continues to carry over […]

    The post Distribution Options for Inherited Non-Qualified Annuities appeared first on BSMG.


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    For many years, irrevocable trusts have been structured for as grantor trusts, for income tax purposes, while still maintaining tax free status for estate tax purposes. A number of favorable IRS Revenue Rulings have solidified the irrevocable grantor trust power of substitution concept under IRC Section 675(4)(C). This concept allows a grantor to substitute assets […]

    The post Leverage Your Clients Tax Benefits by Using Grantor Trust Power of Substitution appeared first on BSMG.


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    The ILIT or Irrevocable Life Insurance Trust has played a major role in estate planning for many years as the best financial method to provide a fund of money that’s highly leveraged, income tax free, estate tax free, gift tax free and generation-skipping transfer tax free. However, over a period of time, the facts and […]

    The post 5 Rescue Techniques to Remove a Life Policy from an ILIT appeared first on BSMG.


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    As people age into their 80s with longer life expectancies, their mental capacity is often diminished when it comes to managing their financial affairs. This declining capacity suggests an interesting issue which can impact whether continued gifting of premiums to Irrevocable Life Insurance Trusts (ILITs) can take place. Many ILITs have been funded with no-lapse […]

    The post Durable Power of Attorney & No-Lapse Universal Life Insurance Owned by ILITs appeared first on BSMG.


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    IRC Section 1035 provides that exchanges into life insurance or annuity contracts with Long Term Care (LTC) riders will be income tax free because these riders are treated as  LTC contracts under IRC Section 7702B(e). These Section 1035 tax free exchange provisions positively impact so-called linked benefit life insurance-LTC products and linked benefit annuity-LTC products. […]

    The post Linked Benefit Products Offer Great Section 1035 Exchange Options appeared first on BSMG.


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    Often a policy review of your client’s existing life insurance and annuity contracts will conclude that a more cost efficient contract with better guarantees and rates of return makes sense. This will cause a producer to seek a potential transfer of the existing cash values to a new contract via a tax free Section 1035 […]

    The post IRC Section 1035 Exchanges Require Special Attention appeared first on BSMG.


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    With the recovery of the equities markets after the economic downturn of 2008-2009, it is common for successful business owners, professionals, and other individuals to have more than $1,000,000 in their IRA account. Many of these IRA owners have multiple sources of income as they approach their retirement years. These sources could include continued earned […]

    The post Creating an Inherited IRA Legacy Plan with Life Insurance Funded by After-Tax Distributions appeared first on BSMG.


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  • 11/09/17--06:49: Medicaid Planning and SPIAs
  • Most assets of a married couple are considered to be “countable assets” for purposes of qualifying for Medicaid extended care benefits. This includes all assets held jointly by the couple as well as any assets held in the sole name of either spouse (including retirement plans like IRAs and non-qualified deferred annuities). Often, these combined […]

    The post Medicaid Planning and SPIAs appeared first on BSMG.


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    When an individual dies, every piece of property owned by that deceased individual must be transferred to a new owner.  Both real property and personal property (tangible and intangible) can pass to the decedent’s heirs in a number of ways.  Property can take on many forms, such as shares of a closely held business (i.e. […]

    The post How Different Types of Property are Legally Transferred at Death appeared first on BSMG.


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    The use of an Indemnity LTC Rider is crucial to keep the life insurance death benefit estate tax free. That’s because any rider benefits will be paid only to the ILIT as policy owner, and NOT used to pay extended care costs directly to the extended care provider. Since LTC benefit claims are paid only […]

    The post Universal Life Policy With Indemnity LTC Rider Owned By An ILIT appeared first on BSMG.


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    IRC Section 1035 provides exchanges into life insurance or annuity contracts with Long Term Care (LTC) riders to be income tax free and treated as LTC contracts under IRC Section 7702B(e).  The tax free exchange provisions in Section 1035 positively impact so-called linked benefit life insurance-LTC products and linked benefit annuity-LTC products. These products fall […]

    The post Linked Benefit Products Offer Flexibility for Section 1035 Exchange Options appeared first on BSMG.


older | 1 | 2 | (Page 3)