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Personal Finance and Investing

bottomofthehill

(8,329 posts)

10. Not at all familiar with French tax law, or even us tax law

Reply to GoneOffShore (Original post)

Sun Jul 17, 2022, 10:15 AM

Jul 2022

But one of the reasons your financial advisor may think you should hold is that life insurance payment on death is not taxable in the US. Cashing the policy's in MAY be taxable. Also are the policies all on you? You and spouse individually, second to die policies? Also are you trying to leave money to anyone else like children or family. There are a lot of good reasons to leave them if you do not need the money to live at this point.

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Whole life policies cash out? [View all] GoneOffShore Jul 2022 OP

You might want to get a new financial advisor. Tomconroy Jul 2022 #1

I'm actually pretty happy with the other instruments he has us in. GoneOffShore Jul 2022 #4

I did that but for different reasons PJMcK Jul 2022 #2

I am most likely going to cash them out. I wanted the 'hive mind' help of others who have done this. GoneOffShore Jul 2022 #7

If you don't need the protection of insurance, I'd say cash them in bcool Jul 2022 #3

Insurance is like the casinos. multigraincracker Jul 2022 #5

That's a thing that I actually knew, but kind of forgot about. Thanks for the reminder! GoneOffShore Jul 2022 #8

If the survivor doesn't need the money, I'd dump the policies. The advisor is thinking of... TreasonousBastard Jul 2022 #6

Old school answers to new situations. I like it. GoneOffShore Jul 2022 #9

Not at all familiar with French tax law, or even us tax law bottomofthehill Jul 2022 #10

Policies are held in the US. No kids. Two are on me, three on Mrs GoS. GoneOffShore Jul 2022 #11

I'd say definitely cash them in. PoindexterOglethorpe Aug 2022 #12

Thank you. I have already cashed one in, and am waiting until the new year for the others. GoneOffShore Aug 2022 #13