by Steve Kobrin, LUTCF
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Life insurance & taxes after age 100
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The Internal Revenue Service is reviewing its tax code in light of the upgrade to the life insurance industries mortality tables.
The IRS has recognized that the 2001 Commissioners Standard Ordinary (CSO) extend mortality to age 121. This change is significant because until this point, the Internal Revenue Code has followed rules which assume that cash-value life insurance policies will mature when the insured attains an age of 95 to 100. The IRS has proposed to provide a safe harbor for that cash after age 100 and is seeking comments to this proposal.
May You Live To 121
http://www.lifeandhealthinsurancenews.com/news/2009/5/Pages/May-You-Live-To-121.aspx
The prospect of living past 100 can be scary to many people. They envision a life of infirmity and misery. However, many men and women enjoy an extremely high standard of life that can even include adventure. They work and can be extremely productive.
Listed below are news items about people in their 80's, 90's, and 100's. We can all be encouraged by them and remain optimistic about our future.
Yoga's granny swami
http://www.nypost.com/seven/04242009/news/nationalnews/yogas_granny_swami_166011.htm
At 100, she's still a key aide to lawmakers
Hundreds honor assistant sergeant-at-arms at Nebraska's Capitol
http://www.msnbc.msn.com/id/29899454/?gt1=43001
90-year-old getting his pilot's license
http://www.msnbc.msn.com/id/29924219/?gt1=43001
Man, 84, fights off carjackers with kicks
http://www.msnbc.msn.com/id/30395569/?GT1=43001
World's Oldest Person Turns 115
http://www.people.com/people/article/0,,20270375,00.html?xid=rss-topheadlines
