How To Choose The Right Life Insurance Policy? Posted By : Vincent …
Term life insurance is not a saving plan; it has various types of policy, such as increasing and decreasing term, or ten, twenty and thirty level term. Whole life insurance. Many people find this policy unaffordable, but it has been … read more…
Term Life Insurance Canada: The Difference Between PMI and MI
The most popular kind of mortgage life insurance is decreasing term insurance, whereby the policy amount goes down over time, just as the mortgage is decreasing. There is no need to continue paying the premium on a $200000 mortgage as … read more…
Life Insurance Quotes » Blog Archive » Mortgage Insurance In …
If you want to protect your family in the event of your death, you would subscribe to mortgage life insurance, which would pay down the outstanding balance on your home in the case of your death. Decreasing term mortgage life insurance … read more…
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How Economic Trends and Diversification Affected Life Insurance Investments
Interest rates in the United States have tended to move in cycles. There have been three major movements involved in these cycles: a downward trend from 1870 to the turn of the century, an upward move… read more…
Things You Need to Know to Compare Life Insurance Quotes
Most of us prefer to get our life insured and we are very justified in doing so. This is because of the financial cover it provides to our dependants in case we are not there. And there are many compa… read more…
Why Mortgage Protection Life Insurance
Owning a home is perhaps the most fervent hope of every family. People go to great lengths and make all kinds of sacrifices in order to acquire a house where their whole family can live and enjoy lif… read more…
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Resolved Question: Best Term Life Insurance Quotes Ownership?
My wife and I are in our 40′s and 50′s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford.
We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death.
The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly.
I’m confused. What ownership is the best? What is the benefit of that choice?
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Resolved Question: Best Term Life Insurance Quotes Ownership?
My wife and I are in our 40′s and 50′s. We have created A/B trusts and transferred our assets to them, and expect to have estates that will benefit from the estate tax saving these trusts afford.
We recently both purchased $1M 10-year renewable term life insurance policies that we expect to keep for 10 years. We chose not to use life insurance trusts because the purpose of the policies is to replace the lost income of the deceased spouse if one of us dies relatively soon, not to increase our final estate, and the trusts are somewhat costly. We each specified our own trusts as the beneficiaries, because we want the disposition of assets specified there to be used for this money. The trusts provide for the income, and principle if needed, to be paid to the spouse, and for the remainder to be paid to our child at the remaining spouses death.
The question of ownership of the policies is less clear. My lawyer says that it doesn’t make much difference who owns them, because the value (estate) taxed is only one year’s premium, not the $1M. My accountant says that the $1M is taxed, and that each policy should be owned by the other spouse to avoid tax on that amount. A friend said that there’s no way to avoid or significantly decrease the tax, so just leave the ownership as is (each spouse owns their own policy). A further fly in the ointment is that the insurance company (Massachusetts SBLI) makes some forms of trust ownership more difficult and costly.
I’m confused. What ownership is the best? What is the benefit of that choice?
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Resolved Question: basic accounting help: true and false questions. please help.?
answer as many as you can please, true or false.. and thanks for all the help!
1. work sheets for service and merchandising businesses are very different.
2. a trial balance is prepared to prove that all journal entries have been posted to the correct general ledger accounts.
3. all accounts are listed on the work sheeet regardless of whether there is a balance or not.
4. the value of the insurance coverage used is recorded as a debit to insurance expense.
5. the amount of supplies not used during a fiscal period represents an expense.
6. there will be a net loss if the income statement debit column total is larger than the income statement credit column total.
7. a net income amount is extended to the balance sheet debit column.
8. in the preparation of financial statements, accounting principles are applied differently from on fiscal period to the next.
9. beginning merchandise inventory less purchases made during the fiscal period plus ending inventory equals cost of merchandise sold.
10. if a company has determined that the acceptable component percentage for cost of merchandise sold is not more than 51.1%, the current year’s actual component percentage of 48.9% is unacceptable.
11. revenue less cost of merchandise sold equals net income.
12. when a business’s expenses are less than the gross profit on sales, the difference is known as net loss.
13. data needed to prepare the liabilities section of a balance sheet are obtained from a work sheet’s balance sheet debit column.
14. information needed for journalizing adjusting entries is taken from the income statement and balance sheet columns of a work sheet.
15. at the end of a fiscal period, the temporary accounts are closed to prepare the general ledger for the next fiscal period.
16. the entry to close income summary transfers the amount of net income or net loss to the partners capital account.
17. a prepaid insurance adjustment includes a debiting the expense accounts and crediting income summary.
18. expense accounts are closed by debiting the expense accounts and crediting income summary.
19. a purchase journal is used for cash purchases only.
20. trade discounts normally are recorded in the purchases discount account.
21. if the actual petty cash on hand is $53.00 but the records show that $55.00 should be on hand, the petty cash fund is said to be over.
22. the terms of sale 1/10, n/30 mean that the customer may deduct 1% of the invoice amount if payment is made within 30 days of the invoice date.
23. each amount in a sales journal’s account receivable debit column is pasted to an accounts receivable ledger account.
24. regardless of when merchandise is sold, revenue should be recorded when cash is received.
25. a sales invoice is the source document for journalizing sales on account transaction.
26. when credit terms of 2/10, n/30 are offered, it means a cash discount of 2% is offered if the invoice is paid within 30 days.
27. the account allowance for uncollectible accounts is increased by a debit.
28. accounts receivable that cannot be collected are called uncollectible accounts.
29. using the percentage of total sales on account to estimate uncollectible accounts expense assumes that portion of every dale on account dollar will become uncollectible.
30. canceling the balance of a customer account because the customer does not pay is called writing off an account.
31. when a previously written-off account is collected, accounts receivable is debited and credited for the amount collected.
32. assets expected to be exchanged for cash or consumed within a year are known as plant assets.
33. plant assets decrease in value because of use and the passage of time
34. the original cost of a plant asset includes only the amount paid the vendor the plant asset.
35. estimated total depreciation expense is calculated as original cost less estimated salvage value.
36. loss on plant assets is revenue that results when a plant asset is sold for more than book value.
37. personal property includes buildings but not land.
38. a perpetual inventory system provides day-to-day information about the quality of merchandise on ahdn.
39. when a business frequently orders small quantities of an item, the price paid is often more per unit than when merchandise is ordered in large quantities.
40. the cost of merchandise inventory is reported on both the income statement and the balance sheet.
41. businesses that need an ending inventory amount for preparing monthly income statements should take a physical inventory to obtain the amount for each month.
42. first in, first out is a method used to determine the quantity of each type of merchandise on hand.
43. the journal entry for paying a note payable includes a debit to accounts payable to remove the balance owed.
44. when a business receives payment for a note receivable, accounts receivable is credited.
45. in interest calculations, time can be expressed in who
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