{"id":11650,"date":"2026-11-08T03:38:26","date_gmt":"2026-11-08T03:38:26","guid":{"rendered":"https:\/\/nrcpas.com\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/who-should-own-whole-life-insurance-policy\/"},"modified":"2026-11-10T07:26:52","modified_gmt":"2026-11-10T07:26:52","slug":"who-should-own-whole-life-insurance-policy","status":"publish","type":"page","link":"https:\/\/nrcpas.com\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/who-should-own-whole-life-insurance-policy\/","title":{"rendered":"Policy Summary Life Insurance: Who Should Own Your Policy"},"content":{"rendered":"\n<div class=\"wp-block-cover alignfull is-dark chg-hero\" style=\"min-height:460px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-70 has-background-dim wp-block-cover__gradient-background has-background-gradient\" style=\"background:linear-gradient(90deg,rgba(32,36,46,1) 0%,rgba(32,36,46,1) 55%,rgba(32,36,46,0.7) 100%)\"><\/span><img class=\"wp-block-cover__image-background wp-image-11648\" alt=\"A business owner reviews a whole life insurance policy document beside a financial projection spreadsheet, with a framed family photo on the desk.\" src=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-business-owner-reviews-a-whole-life-insurance-policy-docum-photo.jpg\" width=\"1376\" height=\"768\" srcset=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-business-owner-reviews-a-whole-life-insurance-policy-docum-photo-150x150.jpg 150w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-business-owner-reviews-a-whole-life-insurance-policy-docum-photo-300x167.jpg 300w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-business-owner-reviews-a-whole-life-insurance-policy-docum-photo-768x429.jpg 768w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-business-owner-reviews-a-whole-life-insurance-policy-docum-photo-1024x572.jpg 1024w, https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-business-owner-reviews-a-whole-life-insurance-policy-docum-photo.jpg 1376w\" sizes=\"(max-width: 825px) 825px, 100vw\" fetchpriority=\"high\" decoding=\"async\"\/><div class=\"wp-block-cover__inner-container has-global-padding is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"chg-eyebrow has-base-color has-text-color wp-block-paragraph\" style=\"text-shadow:0 1px 3px rgba(0,0,0,0.6),0 0 18px rgba(0,0,0,0.35)\">Whole Life Insurance | Florida<\/p><h1 class=\"wp-block-heading has-base-color has-text-color\" style=\"text-shadow:0 1px 3px rgba(0,0,0,0.6),0 0 18px rgba(0,0,0,0.35)\">Who Should Own Your Life Insurance Policy?<\/h1><p class=\"has-base-color has-text-color wp-block-paragraph\" style=\"font-size:clamp(0.875rem, 0.875rem + ((1vw - 0.2rem) * 0.625), 1.25rem);text-shadow:0 1px 3px rgba(0,0,0,0.6),0 0 18px rgba(0,0,0,0.35)\">The owner of a policy controls it and can affect how it is treated in your estate. NR CPAs &amp; Business Advisors helps families and business owners in Florida and across the United States think through that choice before a policy is issued.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Call us today<\/a><\/div><div class=\"wp-block-button chg-cta chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Call us today<\/a><\/div><\/div>\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:0.85rem;color:#6b7280;margin-bottom:1.5rem\">By Nischay Rawal \u00b7 Published November 7, 2026<\/p>\n\n<article lang=\"en\">\n\n\n<p>Who should own a whole life insurance policy? The owner controls the policy, and that choice changes control, estate tax exposure and how proceeds may be taxed. The three common owners are the insured, a spouse, or a trust. The right answer depends on the facts, and your policy summary life insurance paperwork is where to check each detail.<\/p>\n<h2>Who Owns a Life Insurance Policy, and Why It Matters<\/h2>\n<p>The owner decides who controls the contract. Ownership is a separate question from who is covered.<\/p>\n<p>Life insurance is a contract. The insurer pays a death benefit to a named beneficiary when the insured dies, if the policy is still in force. Every policy has three roles:<\/p>\n<ul>\n<li><strong>Owner.<\/strong> Controls the policy and can usually change the beneficiary.<\/li>\n<li><strong>Insured.<\/strong> The person whose life is covered.<\/li>\n<li><strong>Beneficiary.<\/strong> The person or entity that receives the death benefit.<\/li>\n<\/ul>\n<p>One person can hold more than one role. A man can own a policy on his own life. A wife can own a policy on her husband. A company can own a policy on a key employee. The owner is often not the insured.<\/p>\n<p>Ownership affects three things. It decides who controls cash value. It decides who can change beneficiaries. It also shapes how the proceeds may be taxed.<\/p>\n\n<div class=\"cta-dose-mid wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<p class=\"wp-block-paragraph\">If you&#x27;re sorting out who owns a policy on a spouse or parent after an unexpected change, our team can walk through it with you in a coverage review. Talk it through with our team &#8212; we can walk you through how a situation like yours is usually handled and what your options are.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img decoding=\"async\" src=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/11\/a-professional-at-a-home-office-desk-reviews-a-life-insuranc-photo.jpg\" alt=\"A professional at a home office desk reviews a life insurance policy statement beside a retirement timeline, with family photos in the background.\" style=\"border-radius:8px;width:100%;aspect-ratio:16\/9;object-fit:cover\"\/><\/figure>\n<h2>What a Policy Summary Shows About Ownership<\/h2>\n<p>Your policy summary lists the owner, insured, beneficiary, death benefit, premium and payment period in plain terms. Read the ownership fields first, before the benefit figures.<\/p>\n<p>Check that the owner and beneficiary fields match the plan your family intends. If one person owns the policy and another pays the premiums, write that down. That gap often raises a tax question later.<\/p>\n<p>Guaranteed and non-guaranteed values should appear separately. Dividends, where a policy pays them, are not guaranteed. Don&#8217;t read a projected figure as a promise.<\/p>\n<p>Every limitation and exclusion matters as much as the benefit amount. Many buyers read only the death benefit line. The <a href=\"https:\/\/www.myfloridacfo.com\/docs-sf\/consumer-services-libraries\/consumerservices-documents\/understanding-coverage\/consumer-guides\/life-insurance-guide.pdf\">Florida DFS life insurance guide<\/a> explains cash value, policy loans and beneficiaries in plain words.<\/p>\n<h2>The Insured as Owner: Control and Estate Inclusion<\/h2>\n<p>When the insured owns the policy, the insured keeps control. The insured can change beneficiaries, take loans and surrender the policy.<\/p>\n<p>That control has a tax cost. Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/2042\">IRC \u00a7 2042<\/a>, proceeds payable to other beneficiaries are included in the decedent&#8217;s gross estate to the extent the decedent held ownership rights at death. In plain words, if the insured still controls the policy at death, the proceeds may count in the insured&#8217;s estate.<\/p>\n<p>This setup is easy to manage. It also means the death benefit may add to the insured&#8217;s taxable estate. Whether that matters depends on estate size. The basic exclusion amount under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/2010\">IRC \u00a7 2010(c)(3)(A) is $15<\/a>,000,000, and that figure is adjusted for inflation only for decedents dying in a calendar year after 2026, under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/2010\">\u00a7 2010(c)(3)(B)<\/a>.<\/p>\n<p>Family structure and state law also shape this choice. Those questions belong in your review with the licensed agent.<\/p>\n<h2>A Spouse as Owner: Simplicity and Its Trade-Offs<\/h2>\n<p>A spouse can own a policy on the other spouse&#8217;s life. This setup is simple to arrange, but it gives control to the owner.<\/p>\n<p>If the owner dies first, the policy becomes part of that owner&#8217;s estate. The owner&#8217;s estate plan then decides what happens to it. Name the owner with care. Ask what happens if the marriage ends or the owner dies first.<\/p>\n<p>Premiums create a second issue. When one person pays premiums on a policy on his own life while all the incidents of ownership in the policy (including the right to surrender the policy) are vested in another person, the IRS treats those payments as gifts of a present interest in property. Under <a href=\"https:\/\/www.ecfr.gov\/on\/2026-10-01\/title-26\/section-25.2503-3\">26 C.F.R. \u00a7 25.2503-3<\/a>, premium payments made when all ownership rights sit with another person are a gift of a present interest. The <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\">IRS gift tax FAQ<\/a> lists the 2026 annual exclusion at $19,000 per donee.<\/p>\n<p>If the spouse is not a U.S. citizen, a different figure applies. Under the <a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-25-32.pdf\">IRS inflation-adjustment guidance for 2026<\/a>, for calendar year 2026 the first $194,000 (instead of the amount provided in paragraph (1) of section 4.42 of that guidance) of gifts to a spouse who is not a citizen of the United States is excluded.<\/p>\n<h2>A Trust as Owner: When an Irrevocable Life Insurance Trust Is Considered<\/h2>\n<p>An irrevocable life insurance trust (ILIT) can own a policy. A trustee manages the policy, and the trust names the beneficiaries. Families consider this setup when they want the proceeds handled under trust terms rather than held by the insured.<\/p>\n<p>A trust suits some families and not others. An estate attorney drafts the trust. That work is separate from buying the insurance.<\/p>\n<p>Gift-tax rules apply to premiums paid into the trust. Those rules need review before the trust is funded.<\/p>\n<p>The three-year rule is the key timing issue. Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/2035\">IRC \u00a7 2035<\/a>, if an existing policy moves into a trust and the insured dies within three years, the proceeds can still count in the insured&#8217;s gross estate.<\/p>\n<h2>Business Owners: Key-Person and Buy-Sell Ownership<\/h2>\n<p>In key-person coverage, the business often owns the policy and receives the death benefit. That ties ownership to the company&#8217;s loss planning. The <a href=\"https:\/\/www.irs.gov\/help\/ita\/are-the-life-insurance-proceeds-i-received-taxable\">IRS guidance on life insurance proceeds<\/a> explains when proceeds may be taxable, and it covers key person policies.<\/p>\n<p>Buy-sell funding has two common structures. In a cross-purchase, each owner holds a policy on the others. In an entity purchase, the business holds the policies. Each structure changes who pays premiums and who receives proceeds.<\/p>\n<p>Ownership by a corporation can also reach back to a stockholder. A stockholder who owns more than 50 percent of the combined voting power is a controlling stockholder. Under <a href=\"https:\/\/www.ecfr.gov\/on\/2026-10-01\/title-26\/section-20.2042-1\">26 C.F.R. \u00a7 20.2042-1<\/a>, a corporation&#8217;s ownership rights can be attributed to that stockholder in certain cases.<\/p>\n<p>Employer-owned policies may also need IRS reporting. <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/6039I\">IRC \u00a7 6039I<\/a> requires each applicable policyholder owning employer-owned life insurance contracts issued after the date of the enactment of this section (August 17, 2006) to file a yearly return showing the number of employees, the number of employees insured, the total amount of insurance in force at the end of the year under such contracts, the policyholder&#8217;s name, address, taxpayer identification number and type of business, and whether each insured employee gave valid consent (or, if consent was not obtained for all of them, the number of insured employees for whom it was not obtained).<\/p>\n<p>Buy-sell terms should match the operating agreement. Review both together.<\/p>\n\n<div class=\"cta-dose-mid wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<h3 class=\"wp-block-heading has-base-color has-text-color\">Not sure what your next step is?<\/h3><p class=\"wp-block-paragraph\">Talk it through with our team &#8212; we can walk you through how a situation like yours is usually handled and what your options are.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n<h2>The Seven-Year Rule and Cash-Value Funding<\/h2>\n<p>The seven-year rule limits how fast premiums can be paid into a policy. Pay too much too early, and the policy becomes a modified endowment contract (MEC).<\/p>\n<p>The test is called the seven-pay test. Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/7702A\">IRC \u00a7 7702A<\/a>, a contract fails the seven-pay test if the accumulated amount paid under the contract at any time during the first seven contract years exceeds the net level premiums that would have been paid on or before that time to provide paid-up future benefits after seven level annual premiums.<\/p>\n<p>A MEC can be taxed differently on loans and withdrawals.<\/p>\n<p>A later change can restart the testing. Under the same section, a material change includes an increase in the death benefit. Some increases are excluded, such as those that only fund the lowest level of benefit in the first seven years.<\/p>\n<p>Before you change premiums or ownership, review the policy summary and the illustration together. Read every limitation printed beside any projected figure.<\/p>\n<h2>Changing Ownership of an Existing Policy<\/h2>\n<p>Transferring a policy for payment can make part of the death benefit taxable income to the new owner.<\/p>\n<p>The statute lists exceptions, so each transfer should be checked before it happens. A transfer to certain related parties may fall outside the rule. A transfer to an unrelated buyer is more likely to be taxed.<\/p>\n<p>The statute also defines a &#8220;reportable policy sale.&#8221; That term covers a buyer who has no substantial family, business or financial relationship with the insured apart from the policy.<\/p>\n<p>Replacing a policy with a new one is a separate question, with its own rules. Document any ownership change in writing with the insurer. Review its tax effects before the change is made.<\/p>\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img decoding=\"async\" src=\"https:\/\/nrcpas.com\/life-insurance-guides\/wp-content\/uploads\/2026\/10\/hands-reviewing-a-printed-insurance-policy-document-with-a-p-photo.jpg\" alt=\"Close-up of hands reviewing an insurance policy document with a pen, suggesting a careful financial decision.\" style=\"border-radius:8px;width:100%;aspect-ratio:16\/9;object-fit:cover\"\/><\/figure>\n<h2>Bringing Your Situation to a Coverage Review<\/h2>\n<p>A coverage review is the place to start if you&#8217;re handling a policy you did not plan for. Some readers arrive here after a spouse receives a diagnosis, a business partner dies, or an inherited policy has an unclear owner.<\/p>\n<p>A coverage review covers the policy summary, the ownership structure, the beneficiary designations and the questions to bring to an estate attorney. Insurance is offered by Nischay Rawal, a licensed insurance agent, separately from the accounting practice. Any compensation is disclosed in writing before an engagement.<\/p>\n<p>Coverage reviews are a paid service, and fees are explained before any work begins.<\/p>\n<p>If the owner of a policy in your family is unclear, you can <a href=\"https:\/\/nrcpas.com\/contact\">request a coverage review<\/a> with our team.<\/p>\n<h3>Frequently asked questions<\/h3><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>Who should own a whole life insurance policy?<\/summary><p class=\"wp-block-paragraph\">The answer depends on the facts, including estate size, family structure and state law. The owner choice changes control and estate inclusion.<\/p><\/details><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>Can a spouse own a life insurance policy on the other spouse?<\/summary><p class=\"wp-block-paragraph\">Yes. Whether a policy one spouse owns on the other spouse&#8217;s life is included in the estate depends on incidents of ownership. These are not limited to technical ownership and include the power to change the beneficiary, to surrender or cancel the policy, to assign the policy, to revoke an assignment, to pledge the policy for a loan, or to obtain a loan against its surrender value; a reversionary interest worth more than 5 percent of the policy&#8217;s value also counts. For a policy held in trust, a decedent is treated as having an incident of ownership if he or she, alone or with another person and as trustee or otherwise, has the power to change the beneficial ownership in the policy or its proceeds, or the time or manner of enjoyment.<\/p><\/details><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>Is a life insurance death benefit taxable?<\/summary><p class=\"wp-block-paragraph\">Under <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/101\">IRC \u00a7 101<\/a>, amounts paid by reason of death are generally excluded from income. Estate inclusion is a separate question.<\/p><\/details><details class=\"wp-block-details chg-faq is-layout-flow wp-block-details-is-layout-flow\"><summary>What is the seven-year rule?<\/summary><p class=\"wp-block-paragraph\">It is the seven-pay test.<\/p><\/details><\/article>\n<footer class=\"disclaimer\"><em>NR CPAs &amp; Business Advisors, LLC, 782 NW 42nd Avenue, Suite 534, Miami, FL 33126. Life insurance is offered by Nischay Rawal, a Florida-licensed life and health insurance agent (license G066337). This page is general information about life insurance, not tax, legal or investment advice, and not an offer of any specific policy. Coverage, premiums and benefits depend on the issuing insurer&#x27;s underwriting and the policy&#x27;s terms. Policy loans and withdrawals reduce cash value and the death benefit and may have tax consequences.<\/em><\/footer>\n\n\n<div class=\"wp-block-group alignwide has-global-padding is-layout-constrained wp-container-core-group-is-layout-583d630a wp-block-group-is-layout-constrained\" style=\"padding-top:3rem;padding-bottom:3rem;padding-left:1.5rem;padding-right:1.5rem\">\n<h2 class=\"wp-block-heading has-text-align-center\">What the Policy Owner Controls<\/h2>\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-f56f613f wp-block-columns-is-layout-flex\"><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--document\"><\/span><\/p><h3 class=\"wp-block-heading\">Changes to the policy<\/h3><p class=\"wp-block-paragraph\">The owner generally decides on premium payments, beneficiary changes, loans and surrenders, so the choice of owner shapes who manages the policy over time.<\/p><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--shield\"><\/span><\/p><h3 class=\"wp-block-heading\">Estate inclusion<\/h3><p class=\"wp-block-paragraph\">Who owns a life insurance policy can affect whether its proceeds are counted in an estate. The answer depends on the facts and on state law.<\/p><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--users\"><\/span><\/p><h3 class=\"wp-block-heading\">Family and business ties<\/h3><p class=\"wp-block-paragraph\">Spouses, children, trusts and business entities each bring different considerations for control, continuity and cash flow.<\/p><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><p class=\"wp-block-paragraph\"><span class=\"chg-icon chg-icon--lightbulb\"><\/span><\/p><h3 class=\"wp-block-heading\">A CPA&#x27;s view of cash flow<\/h3><p class=\"wp-block-paragraph\">We look at how premiums fit your tax picture and budget so the owner choice works with your overall plan.<\/p><\/div><\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-group has-base-color has-accent-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-32197852 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--accent,#20242e);color:var(--wp--preset--color--base,#ffffff);border-radius:8px;padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem;border-left:6px solid var(--wp--preset--color--cta,currentColor);box-shadow:0 2px 10px rgba(0,0,0,0.18)\">\n<h3 class=\"wp-block-heading has-base-color has-text-color\">Decide Before You Buy<\/h3><p class=\"wp-block-paragraph\">Changing the owner of an existing policy can have its own consequences. Review the owner, beneficiary and premium arrangement with us before the application is signed.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Call us today<\/a><\/div><div class=\"wp-block-button chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Call us today<\/a><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-surface-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-583d630a wp-block-group-is-layout-constrained\" style=\"padding-top:3rem;padding-bottom:3rem;padding-left:1.5rem;padding-right:1.5rem\">\n<h2 class=\"wp-block-heading has-text-align-center\">Common Owner Arrangements<\/h2>\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-f56f613f wp-block-columns-is-layout-flex\"><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">Individual owner<\/h3><p class=\"wp-block-paragraph\">The insured person owns the policy and names the beneficiaries. This is the simplest structure, and it keeps control with the insured.<\/p><\/div><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">Spouse or family member as owner<\/h3><p class=\"wp-block-paragraph\">One spouse or another family member may own a policy on the insured&#x27;s life. Whether the proceeds are included in the insured&#x27;s estate depends on the facts and state law.<\/p><\/div><\/div><div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-group has-base-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-radius:8px;box-shadow:0 4px 14px rgba(0,0,0,0.08);padding-top:1.5rem;padding-bottom:1.5rem;padding-left:1.5rem;padding-right:1.5rem\"><h3 class=\"wp-block-heading\">Trust or entity as owner<\/h3><p class=\"wp-block-paragraph\">A trust or a business entity can own a policy to direct proceeds and manage control. These structures require coordination with your attorney and CPA.<\/p><\/div><\/div><\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-base-color has-primary-background-color has-text-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-4d466591 wp-block-group-is-layout-constrained\" style=\"background-color:var(--wp--preset--color--primary,#20242e);color:var(--wp--preset--color--base,#ffffff);padding-top:3rem;padding-bottom:3rem;padding-left:1.5rem;padding-right:1.5rem\">\n<h2 class=\"wp-block-heading has-text-align-center has-base-color has-text-color\">Talk with NR CPAs About Your Policy Owner<\/h2>\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-0aa01211 wp-block-buttons-is-layout-flex\"><div class=\"wp-block-button chg-cta chg-cta-call\"><a class=\"wp-block-button__link wp-element-button\" href=\"tel:+13058723096\">Call us today to schedule a coverage review<\/a><\/div><div class=\"wp-block-button chg-cta chg-cta-form\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/nrcpas.com\/contact\">Call us today to schedule a coverage review<\/a><\/div><\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\">Related practice areas<\/h2><ul class=\"wp-block-list\"><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/\">Whole Life Insurance for Families, Business Owners and Cross-Border Households: A CPA Firm&#8217;s Guide<\/a><\/li><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/florida\/\">Whole Life Insurance in Florida<\/a><\/li><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/miami\/\">Whole Life Insurance in Miami<\/a><\/li><\/ul>\n<!-- chg:section-siblings -->\n<nav aria-label=\"More in this section\">\n<h2>More in this section<\/h2>\n<ul><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/whole-insurance-vs-term-insurance\/\">Whole Insurance vs Term Insurance<\/a><\/li><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/whole-life-insurance-companies-in-florida\/\">Whole Life Insurance Companies in Florida<\/a><\/li><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/whole-life-insurance-for-h4-spouse-and-dependents\/\">Whole Life Insurance for an H-4 Spouse and Dependents: Coverage Questions for Visa Families<\/a><\/li><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/whole-life-insurance-h-1b-l-1-visa-holders\/\">Whole Life Insurance for H-1B and L-1 Visa Holders: Questions to Raise Before You Buy<\/a><\/li><li><a href=\"\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/whole-life-insurance-irrevocable-life-insurance-trust\/\">Whole Life Insurance in an Irrevocable Life Insurance Trust: Estate Liquidity and Tax Questions for Business Owners<\/a><\/li><\/ul>\n<\/nav>\n<!-- \/chg:section-siblings -->","protected":false},"excerpt":{"rendered":"<p>Learn how a policy summary shows the owner, insured and beneficiary, and how each owner choice affects control, estate inclusion and taxes.<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":1590,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"chg_review":"","chg_sendback":"","chg_canonical":"","chg_lang":"","chg_hreflang":"[{\"hreflang\": \"en\", \"href\": \"https:\/\/nrcpas.com\/life-insurance-guides\/whole-life-insurance-guide-for-families-business-owners-and-cross-border-househo\/who-should-own-whole-life-insurance-policy\/\"}, {\"hreflang\": 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