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Question for the Money Doctors

Question submitted on Jul 23, 2014.

Question

I submitted a question last week and your company acknowledged having received it. But I still haven't received an answer. It was regarding taxability on a life insurance policy that will be surrendered with an outstanding loan balance on it.
Thanks.

Answer

Thank you for submitting your question last week. 

If you don't have a CPA you are working with, you can refer to the findapfs.org website to find one in your local area that can help you through on a personal basis.  It will be important to work with a professional so that all of your particular facts and circumstances can be addressed in a private fashion with your best interest taken into consideration. Your tax number may be significant.


For additional information visit http://www.360financialliteracy.org/