Sharon transfers to Russ an insurance policy with a cash surrender value of $30,000 and a face value of $100,000 in exchange for real estate. Russ continues to pay the premiums on the policy until Sharon dies 7 years later. At that time, Russ has paid $14,000 in premiums, and he collects the $100,000 face value. How much of the proceeds is taxable to Russ? Why?
They’re all like that. Someone shoot me, plzkthx.
Today, right now in fact, my son is beginning the driving portion of his Driver’s Ed class.
I have mixed feelings about this:
On the one hand, I’m so excited for him. It’s a big step towards independence and he’s been looking forward to it since he was ten, at least.
On the other hand, I want to wrap that student driver car in foam padding and strap a bunch of flashing lights on it.
Sitting here, futzing around aimlessly on the web, I hear my youngest shouting in the next room:
“Use the Schwartz! Use the Schwartz, Lone Starr!”