In life insurance, universal life insurance stands out as a versatile and flexible policy that provides both a death benefit and a cash value component. Unlike term life insurance,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/13/2023
When considering annuities, it is essential to understand the tax implications. Many people, however, might be surprised because the taxation of pensions differs. This article explores...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 06/15/2023
Rules change with time, and the required minimum distributions (RMDs) rules have changed. RMDs are retirement accounts, i.e., traditional IRAs and 401(k) plans). The new government...
Posted by Rosovich & Associates, Inc. on 02/07/2023
One of the main advantages of life insurance is that payment to beneficiaries is free. Because life insurance benefits in the event of death can run into the millions of dollars, it's...
Everyone wants to reduce their taxes and their taxable income, especially retirees and those who are living on a fixed income. They want to lower their tax liability more than anyone...
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
If you or someone you love is thinking about a viatical settlement, you might be wondering if you have to pay taxes for your payout.Most people seem to believe that all income from...
There are two distinct programs that pay Veteran Survivors some form of benefits as long as their death is connected to service. These benefits are dependence and indemnity compensation...