Bank Owned Life Insurance I worked for a bank that had keyman life insurance called BOLI. The insurance plan provides a death benefit to the bank and a fixed number of years annuity to me upon retirement. I am retired and have been receiving monthly distribution from the plan. The bank is now merging with another institution and the BOLI plan is going to be cashed in and terminated. The plan calls for a lump sum distribution if it is terminated. I will receive several hundred thousand. I understand this will all be taxed. Nearly 1/3 of it will go to tax. I would like to know if the lump sum can be rolled into an IRA or SEP account instead of taking it as cash in order not to have the tax at this time. |