By Judy Fertel Layne

Do you have a life insurance policy with cash surrender value that you no longer need? Because of changes in the estate tax, changes in your family situation or other reasons, you may have a policy that you no longer need. If you no longer want or need the death benefit, you can cash in the policy and receive the cash surrender value for your current use. You will only have to pay tax on that part of the cash surrender value that exceeds the premiums you’ve paid into the policy. Now may be a good time to review your existing policies and consider whether you have adequate life insurance or even more life insurance than you feel you need.

For more information, please contact Judy Fertel Layne in our Troy, Mich. office at 248-433-7563.