What is the name of your state? New York
Hi I got a letter in the mail stating that I need to make a decision or my policy will become a MEC. (Modified Endowment Contract) I don't want it to become this.. Is it possible for me to get my cash value while not letting this become a MEC.. Will it be taxed to hell if I take 6,000 out of 16,70.00? Can I even do this?!
Sorry for my lack of knowledge about this.. all I know is I don't want it to become a MEC and I need some money for stuff and would rather not take a load or barrow so to speak. It's depressing because when I was ten (1993) the person who set this up told my parents it would make almost a million dollars.. and now this MEC thing comes and I'm trying to research about the matter and it seems like if I took out any or a certain about (not sure) it might not even be worth it. Sorry for being so tax illiterate. If any more information is needed let me know.
Hi I got a letter in the mail stating that I need to make a decision or my policy will become a MEC. (Modified Endowment Contract) I don't want it to become this.. Is it possible for me to get my cash value while not letting this become a MEC.. Will it be taxed to hell if I take 6,000 out of 16,70.00? Can I even do this?!
Sorry for my lack of knowledge about this.. all I know is I don't want it to become a MEC and I need some money for stuff and would rather not take a load or barrow so to speak. It's depressing because when I was ten (1993) the person who set this up told my parents it would make almost a million dollars.. and now this MEC thing comes and I'm trying to research about the matter and it seems like if I took out any or a certain about (not sure) it might not even be worth it. Sorry for being so tax illiterate. If any more information is needed let me know.