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How are Life Settlements Taxed - Life Settlement Taxes

Life Settlement Taxes in 2020

Life Settlement proceeds are treated as ordinary income. Whatever the net proceeds from the transaction is valued will be taxed as ordinary income. The amount paid into the premiums will be treated as capital gains. The remaining net proceeds after taxes from surrendering the policy after should be compared to after-tax proceeds received by surrendering Read more >>

Life Settlement Taxes

Tax Considerations

Life Settlement Tax Considerations It might seem that tax codes are designed to confuse the average American, but seniors looking to maximize their retirement income will benefit greatly from understanding tax revisions that can make life settlements more favorable. Magna’s “Life Settlement Tax Considerations” to the changes in the tax laws and their effect on Read more >>

administration agreement banking 618158 150x150 - Bill HR 7203 to Allow Life Settlements to Fund Long-Term Care

Bill HR 7203 to Allow Life Settlements to Fund Long-Term Care

A new bill being weighed by the U.S. House of Representatives would make provision for the tax-free rollover of life settlement proceeds into tax-free accounts dedicated to long-term care. The bill, H.R. 7203, was sponsored by Rep. Kenny Marchand (R-TX) and referred to the House Ways and Means Committee on November 30. H.R. 7203, known Read more >>

How to Navigate Your Expenses in Retirement - Magna Life Settlements

How to Navigate Your Expenses in Retirement

It’s something every adult understands—saving for retirement is a necessity. But beyond the nebulous idea of “putting money away for later,” how much do we really know about the actual costs incurred by American seniors? Retirement expenses are rising, making it more imperative that people over 65 and their advocates understand the details of income Read more >>

Top 3 Reasons Seniors Pick Life Settlements

Top 3 Reasons Why Older Americans Are Selling Their Life Insurance for Cash

Americans have more choices than ever—about television shows, car services, or where to get their news, shop, and book travel. So it would follow that seniors seeking financial help during retirement should be informed about every viable option, including life settlements. This option, which can convert an unneeded life insurance policy into a windfall, is Read more >>

tax retired

Tax Season Tips for Retirees [2020 Retirement Guide]

It’s the time of year again for filing taxes. While no one wants to pay taxes, this is especially true for retirees who may have limited income or are living on a set budget. No matter the situation, there are options for retirees to help reduce taxes owed and possibly come out with a refund. Read more >>

tax life settlement

Are Life Settlement Proceeds Taxable?

Life settlements are a great financial option for people who find they no longer need coverage, whose circumstances have changed or who are experiencing financial hardship. This is especially true for senior citizens whose policy premiums have risen beyond what they may be willing to pay. It’s also a way for someone to put extra funds Read more >>

4 Ways to Retire on Your Own Terms

4 Ways to Retire on Your Own Terms

You’ve worked hard for decades. You’ve put in the hours and saved diligently, and it’s now time to reap the rewards. Starting retirement isn’t as easy as simply stopping going to work and watching the checks roll in, though. You want to maximize your retirement experience. These are your years, and you need to live Read more >>

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