1035 EXCHANGES
A 1035 Exchange is a transfer or exchange from one form of insurance product to another form of insurance product.
Many times an individual may have purchased a life insurance policy in his or her lifetime to protect their family and loved ones or build a retirement nest egg for a rainy day.
Years later with the family grown and the needs of the
insured changed the policy may no longer be needed.
The life insurance policy written years ago may still have a value though it may not serve the original purpose as well as it was originally issued or intended to be used for.
Now the policy may have a tremendous value locked in through the cash value but monthly premiums may be a burden to keep up.
A 1035 Exchange is many times the best thing to do and the right vehicle to utilize in these circumstances.
There are now a number of tax free ways if done properly for the insured to access the money which has accumulated in the cash value of the insurance product.
Whole Life and Universal Life insurance which have a cash value are often times exchanged for:
1035 Exchanges are one of the most under utilized examples that the Internal Revenue Service has given Americans to use for retirement or estate planning.
1035 Exchanges have many important I.R.S. regulations to follow such as not becoming M.E.C. ( Modified Endowment Contract) but once understood allow for a policy to be exchanged under certain conditions. Call our experts to find out all the important regulations.
A 1035 Exchange is many times the right vehicle to utilize instead of selling the policy. The smartest move maybe to trade into a different type of policy in these circumstances. These types of transfer do not incur a tax incident when done properly. If you would like more information on a 1035 Exchange and the rules surrounding the implementation of the process please call 877-775-0812
for more information.
If you call The401Kman we can offer many solutions and help you weigh in on the best course of action.
A insurer, viatical life policy purchaser or mutual fund looking to purchase your policy may not always have the best offer for you if you are considering reselling a cash value policy.
Call us to find out if there are other solutions in your circumstances. We interact with over a hundred financial and insurance organizations as a independent agency to provide our clients the best answers and opportunities.
Annuities or life insurance with a Long Term Rider are nowadays the most common transfer done. If your life needs may have changed and your policy is now more of a burden with higher premium costs. One of the many options besides selling the policy through a life or viatical settlement purchaser is to implement a 1035 exchange.
Many times an individual may have purchased a life insurance policy in his or her lifetime to protect their family and loved ones or build a retirement nest egg for a rainy day.
Years later with the family grown and the needs of the
insured changed the policy may no longer be needed.
The life insurance policy written years ago may still have a value though it may not serve the original purpose as well as it was originally issued or intended to be used for.
Now the policy may have a tremendous value locked in through the cash value but monthly premiums may be a burden to keep up.
A 1035 Exchange is many times the best thing to do and the right vehicle to utilize in these circumstances.
There are now a number of tax free ways if done properly for the insured to access the money which has accumulated in the cash value of the insurance product.
Whole Life and Universal Life insurance which have a cash value are often times exchanged for:
- Long Term Care
- Annuities
- Other life policies
- Cashed in (Viatical settlement or Life settlement)
1035 Exchanges are one of the most under utilized examples that the Internal Revenue Service has given Americans to use for retirement or estate planning.
1035 Exchanges have many important I.R.S. regulations to follow such as not becoming M.E.C. ( Modified Endowment Contract) but once understood allow for a policy to be exchanged under certain conditions. Call our experts to find out all the important regulations.
A 1035 Exchange is many times the right vehicle to utilize instead of selling the policy. The smartest move maybe to trade into a different type of policy in these circumstances. These types of transfer do not incur a tax incident when done properly. If you would like more information on a 1035 Exchange and the rules surrounding the implementation of the process please call 877-775-0812
for more information.
If you call The401Kman we can offer many solutions and help you weigh in on the best course of action.
A insurer, viatical life policy purchaser or mutual fund looking to purchase your policy may not always have the best offer for you if you are considering reselling a cash value policy.
Call us to find out if there are other solutions in your circumstances. We interact with over a hundred financial and insurance organizations as a independent agency to provide our clients the best answers and opportunities.
Annuities or life insurance with a Long Term Rider are nowadays the most common transfer done. If your life needs may have changed and your policy is now more of a burden with higher premium costs. One of the many options besides selling the policy through a life or viatical settlement purchaser is to implement a 1035 exchange.
All information provided throughout this website and distributed is educational in nature and not intended to serve as estate, financial, retirement planning or investment advice for individualized purposes. All investments can have the potential risk of losses and require due diligence before investing. It is recommended to have the consultation and guidance of a professional licensed adviser one on one to review each individuals circumstances prior to changing or embarking on any investment course.
Content copyright 2013. EPICTEAM.BIZ. All rights reserved.
Content copyright 2013. EPICTEAM.BIZ. All rights reserved.