I am planning on starting to draw monthly income from a Life Insurance Policy that my father set up many years ago. It is an interest first policy, so I will have to pay tax on the monthly amount. I can either have them take the tax amount out monthly from the amount as you would for payroll, or I can get the entire amount monthly, but will have to pay the tax when I file income taxes at end of year.
What would be my best option?
Thanks