Changing ownership of a life ins policy

[664hia]

What is the name of your state? VA

I have an insurance policy on my life that is owned by my corporation. I am selling the corp but will keep the life policy and all cash value. If I change the owner of the policy to myself individually, are there any tax consequences I need to know about? The corporation usually paid the annual premiums, there is about $50,000 in cash value on a $500k policy.

Thanks.

 

[moburkes]

What is the name of your state? VA

I have an insurance policy on my life that is owned by my corporation. I am selling the corp but will keep the life policy and all cash value. If I change the owner of the policy to myself individually, are there any tax consequences I need to know about? The corporation usually paid the annual premiums, there is about $50,000 in cash value on a $500k policy.

Thanks.

You need to put this question in the tax section.