(04-14-2019, 11:34 AM)Alliecat Wrote: Otherwise, when you die, you/your estate will be socked for the value of the policy as a taxable gain. This may kick you into a higher tax bracket & result in an apocalyptic tax bill.
It's imaginary 'income' that neither you nor your insured child will see a dollar of, but you will pay tax on it.
Don't assume you're immune cos you're not in Canada. Find out what the rules are for your own country/policy!
(Just warning everyone I know...)
No way! That is... that is crooked to the point of being evil! Obviously the tax authorities knew exactly what they were doing when they sneaked that little rule on to the books. And the insurance industry, in league with the tax authorities, make a point of not telling people about this.Wow. Just... wow.
Your Sunny is aptly named with that golden blonde hair and that sweet, cheerful ex.pression! She looks appropriately dressed for a cool but still nice day at the beach.
They're not dolls, they're action figures!