Author Archives: Fahmy & Assoc.

Life Insurance and Tax Time

by Fahmy & Assoc. | February 16th, 2018

Generally, life insurance proceeds received by a beneficiary are received income tax free. Permanent, cash value, life insurance allows for tax deferred accumulation, tax advantaged income and income tax free death benefit. Withdrawals and loans reduce the policy’s cash value and death benefit, and withdrawals in e [...]

Virginia Beneficiary Laws

by Fahmy & Assoc. | February 10th, 2018

Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree. If it is your intent to keep your former spouse as the beneficiary you need to make sure you do one of the following 4 things.

Make the beneficiary designation irrevocable.
Change the ownership and beneficiary on the policy to your former spouse.
Prepare a written agreement stating that it is your intention that your former spouse be named the beneficiary on your life insurance policy beyond the date of the divorce or annulment decree.
Make certain that your divorce decree or annulment contains provision stating that the benefi [...]

Make the beneficiary designation irrevocable.
Change the ownership and beneficiary on the policy to your former spouse.
Prepare a written agreement stating that it is your intention that your former spouse be named the b [...]

Small Businesses are Most at Risk for Identity Theft During Tax Season

by Fahmy & Assoc. | January 11th, 2018

During this tax season, many small business owners may be exposed to an unanticipated risk of employee identity theft. This excerpt from the article below outlines what small businesses can look out for, to protect their employees, leaders, and the business itself. [Business] Owners need to be sure that anyone with [...]