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Owner-operators know that group life coverage can help attract excellent workers, but some are anxious about the cost and suspect they are just “small fish” to insurers. Several factors will affect the cost and availability of life insurance, including the number of eligible workers, their ages and genders, the nature of your business, and the type and amount of insurance purchased. A company may be able to structure it to provide much more coverage for its key people, such as the owner and 1-2 workers who have skills and knowledge critical to keep the business going. However, if your business pays for more than $50,000 of tax-free group life coverage for a worker, any amount of coverage above $50,000 must be noted as a taxable benefit on their W-2 form.

A financial professional can help you update your financial plan based on benefits you’ve received, create a budget for your new income and expenses, revisit your retirement plan, and weigh any decisions about cashing out investments. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or use of third party technology, sites, information and programs made available through this site. Respective services provided by ARGI Investment Services, LLC, a Registered Investment Adviser, ARGI CPAs and Advisors, PLLC, ARGI Business Services, LLC, and Advisor Insurance Solutions.

Receiving the 1099 does not automatically mean that the payee owes tax, as there could be situations that offset that income, but it definitely means that the I. R.S. also has a record of that payment. This form is sent if the debt was cancelled by a bank, credit union, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Resolution Trust Corporation (RTC), another lender or financial institution, the federal government, a department of the U. S. military, the U.S. Postal Service (USPS), or the Postal Rate Commission. Your health insurance provider will send you a 1099-H if you had any portion of your health insurance premiums paid with advance payments from the health coverage tax credit (HCTC.) This form reports distributions from Health Savings Accounts (HSA), Archer Medical Savings Accounts (Archer MSA), or Medicare Advantage Medical Savings Accounts (MA MSA).

Merriam-Webster provides two definitions of the word “legacy”: A gift by will, especially of money or other personal property Something transmitted by or received from an ancestor or predecessor or from the past Your life journey includes many important moments, events, and decisions that you have made. You would appoint someone with experience (a “trustee”) to manage the assets and make spending decisions according to your specified wishes. More specifically, a CERTIFIED FINANCIAL PLANNERTM is trained to educate you on how to transition your wishes into a comprehensive, executable plan.