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Author: lezamora1 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121591  
Subject: Cash-value Life Ins. X-fer Date: 1/29/2000 2:26 PM
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Greetings,

My wife's father purchased a cash-value life insurance policy for her at birth. She desires now to put it in her name (it currently belongs to dad), and the Life Insurance company has said there might be tax consequences. Does anyone know what these might be?

Thank you!
-L
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Author: criser Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 26306 of 121591
Subject: Re: Cash-value Life Ins. X-fer Date: 1/29/2000 3:29 PM
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My wife's father purchased a cash-value life insurance policy for her at birth. She desires now to put it in her name (it currently belongs to dad), and the Life Insurance company has said there might be tax consequences. Does anyone know what these might be?

Gift tax on the value of the policy. Not that the gift tax would not be on the value of the death benefit, but rather, to put it simply, on the cash value of the policy plus the value of any paid-up premiums.

criser

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Author: criser Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 26308 of 121591
Subject: Re: Cash-value Life Ins. X-fer Date: 1/29/2000 3:33 PM
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Gift tax on the value of the policy. Not that the gift tax would not be on the value of the death benefit, but rather, to put it simply, on the cash value of the policy plus the value of any paid-up premiums.

That's supposed to say note that the gift tax would not be on the value of the death benefit, but rather on the cash value pluse the value of any paid-up premiums.

criser

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