Benjamin Franklin is believed to have said, “If you fail to plan, you are planning to fail.“
This tax blog specifically deals with our views on the topic of life insurance.
As we explored the beautiful island of Bequia (pronounced Bek-Way) post-tax season 2017, Angie and I both found ourselves driving to meet the sunrise one beautiful morning amid our 7-day stay. How romantic, right? In most ways, yes, although we still answer business phone calls and run payroll errands all while tucked away on a fantasy island getaway. The role of being small business owners is something we have now become accustomed to regardless of our geographic location — thank goodness for WiFi. We are perfectly fine with this responsibility and take it quite seriously. When we committed ourselves to our clients’ needs, we knew all that it would entail.
My father passed away last year, leaving me some assets which includes his life insurance proceeds. Is this a taxable event to me?