Viatical settlement tax reform: Republicans support relief, Democrats divided. Clearinghouse, P.O. Box 6003, Rockville, MD 20849-6003. 800-458-5231 ext. 5023.

Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.

Viatical settlement tax reform: Republicans support relief, Democrats divided. Clearinghouse, P.O. Box 6003, Rockville, MD 20849-6003. 800-458-5231 ext. 5023.

AIDS Treat News. 1995 Mar 3;(no 218):7-8. Unique Identifier : AIDSLINE AIDS/95700355
James JS; Roehr B

Abstract: Congress is considering the tax exempt status on money received from a life insurance policy before death of a person with a short life expectancy due to illness. Tax exempt status is being considered for both accelerated benefits and viatical settlement. Accelerated benefits allows for pre-payment in advance of death. A viatical settlement is the purchase of an insurance policy by third parties with the condition of their becoming the irrevocable beneficiary of the policy being purchased. While House Republicans on the House Ways and Means Committee are generally supportive of not taxing viatical settlements, Democrats are divided. Letters to Congress are needed, especially to House Ways and Means Democrats from voters in their districts and states to encourage their support of the reform bill (HR 8, the Senior Citizens' Equity Act) which includes tax relief for both accelerated benefits and viatical settlements. More information can be obtained by calling Gary Rose, National Association of People with AIDS, (202) 898-0414, or Tom McCormack, Affording Care, (202) 479-2543.

Keywords: Insurance, Life/*LEGISLATION & JURISPRUD *Politics *Taxes NEWSLETTER ARTICLE
951030
M95A0918

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