KevinMc Posted August 8, 2012 Posted August 8, 2012 What are the tax implications of moving a life insurance contract out of a qualified plan (profit sharing) while the insured/participant is still living? Thanks for any help...
MoJo Posted August 8, 2012 Posted August 8, 2012 What are the tax implications of moving a life insurance contract out of a qualified plan (profit sharing) while the insured/participant is still living? Thanks for any help... Is it an in-kind "distribution" of the policy, or a "sale" of the policy to the insured? It makes a difference from a tax perspective.
KevinMc Posted August 9, 2012 Author Posted August 9, 2012 What are the tax implications of moving a life insurance contract out of a qualified plan (profit sharing) while the insured/participant is still living? Thanks for any help... Is it an in-kind "distribution" of the policy, or a "sale" of the policy to the insured? It makes a difference from a tax perspective. I would think an in kind distribution but would you give me both ways? Thanks,
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