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A lot of business owners — especially in construction — take out life insurance to protect their family or cover their company if something happens to them.
A lot of business owners — especially in construction — take out life insurance to protect their family or cover their company if something happens to them.
But here’s something most people don’t know 👇If you ever sell your term life insurance policy (even to a family member), the IRS can treat that as taxable income.And when that person eventually collects the payout, part of it might be taxable too.
That “quick cash” deal could turn into a tax surprise later.
If you’ve got life insurance as part of your business or estate planning — especially if you’re thinking of transferring ownership — get advice before you sign anything.
It’s one of those areas where a 5-minute conversation now can save a five-figure headache later.
