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You can do that?...

Sure, we do it all the time. So what is the "it" in question? 1035 exchange a policy with a loan balance. While it is commonplace for us, it was news to the producer I was speaking with, and it is an area that can trip you up in a very, very big way. How big? How about creating a taxable event for your client despite a 1035 exchange being executed? Did I mention that there are no actual dollars in your client's pocket as a result and they still may have to pay some tax? Do I have your attention? I think I should.

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In the last few weeks I have had at least two proposed insureds decline to provide any financial information on their life application.  Their rationale?  "Well, it's none of the carrier's business what my net worth is or how much money I make."  

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Specifically, 22 states plus the District of Columbia impose transfer taxes of some variety. The type and magnitude of these taxes, as well as the exemptions, are all over the map. At least one expert in this article from Forbes.com considers these transfer taxes an issue for states looking to compete with one another...