Tag: finance and marketing

If you didn’t file an income tax return earlier this year, check your mailbox. Normally nobody wants to hear from the IRS, but you definitely need to be looking for anything that comes from the government agency.

It could mean serious money for you.

The Internal Revenue Service has started mailing letters to 9 million people and households who could be leaving thousands of dollars on the table because they didn’t file 2021 tax returns.

Those potential payments include:

• The third round of stimulus checks, worth as much as $1,400 for individuals or $2,800 for couples.
• Child tax credits of up to $3,600 per child.
• The earned income tax credit that’s worth up to $1,500 for childless workers, and rises to more than $6,700 for people who have at least three children.

We know the term “tax credit” isn’t exactly sexy, but in this case it could mean actual money in your pocket.

To get that money, you’ll need to file an income tax return by mid-November — even if you normally don’t need to file.

Who’s Eligible for This Money From the IRS?

Who are these 9 million people who could be eligible to get thousands of dollars from the IRS?

To be blunt, we’re mostly talking about low-income households. The IRS says people who weren’t required to file 2021 tax returns are typically individuals earning less than $12,500, or married couples who earned less than $25,000 last year.

But there are also higher-earning people who, for various reasons,

A life insurance policy is your personal property. That means you can sell it like any other asset. But should you?

Here’s everything you need to know.

What Is a Life Settlement?

Selling your life insurance policy to a third party is known as a life settlement.

It’s an option for older adults who no longer need their life insurance policy or who can no longer afford the policy’s monthly premiums.

As you might have guessed, there’s a catch. A few actually.

Transaction costs can be high and your heirs won’t receive any money from the policy when you die. You’ll never receive the full death benefit amount when you sell your policy either.

Still, for seniors on fixed incomes, pursuing a life settlement can create much-needed cash flow in retirement.

How Do Life Settlements Work?

When you sell an existing life insurance policy to a third party in exchange for an immediate lump-sum payment, the third party buyer becomes the new owner and continues to pay premiums.

They also receive the policy’s death benefit when you die.

As the seller, you typically receive more than the cash surrender value of the policy but much less than the death benefit amount.

Who Can Sell a Life Insurance Policy?

Life settlements are targeted toward older adults with high-value life insurance policies.

You’ll need at least a $100,000 policy and be at least 65 or 70 years old to sell your policy.

Younger people with a chronic or terminal illness may also