Novermber 10th Quick: Employer Owned Life Insurance Policies EOLI

11/10 Quick: If you are a business owner who has taken out a life insurance policy, in which the company owns, on a key man (someone who is responsible for large production or their role with the company) or even a business partner that you may be involved in an entity purchase buy sell agreement...those policies are in need of review immediately. Under the Pension Act of 2006, EOLI policies are subject to taxation. Life insurance policies may pass tax free to the beneficiary. If certain notice & consent requirements are met in a timely manner, & certain safe harbor fules apply, death benefits still pass income tax free.