Tax
Aug. 4, 2012
Life insurance: the powerful and despised tax shelter
Life insurance polices have many benefits that easily make up for deductible contributions available in pension plans. By Bruce Givner and Owen Kaye of Givner & Kaye
A perfect tax shelter would have five features: deductible contributions; tax free accumulations; tax free distributions; assets not included in the owner's taxable estate; and a tax opinion from a prestigious law firm or, better yet, an approval letter from the IRS National Office.
Most tax advisors consider pension plans to be the closest thing to a perfect modern tax shelter because pensions have three of the five fe...
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