topic Re: Amex app grey area in Credit Cards

Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 12:28:50 GMT

Anyone ever include their life insurance policy in the asset line?

Re: Amex app grey area

sarkell — Thu, 02 May 2013 12:33:41 GMT

I wouldn't bc it's only upon death in most cases. It's not something you could liquidify to repay debt that's what assets and that's really what they want to know.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 12:36:07 GMT

Question on the back of my mind for while. Shot off email to them, as I'd love to know the technical viewpoint from them.

Re: Amex app grey area

dddewdrop — Thu, 02 May 2013 13:32:02 GMT

I think it is an asset certainly. I am not an accountant however.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 13:35:13 GMT

I shot off the email right before posting this. I'm curious as hell about their answer.

Re: Amex app grey area

OhioCPA — Thu, 02 May 2013 13:35:25 GMT

If there is a cash surrender value, I would include that amount and nothing else.

When did Amex start asking for assets? This must be recent.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 13:36:48 GMT

I've seen it since zync...seven months?

Re: Amex app grey area

dddewdrop — Thu, 02 May 2013 13:41:28 GMT

Yeah that is what I was thinking.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 13:46:29 GMT

It's even on the droid app...Don't know...It's normal to me.

Re: Amex app grey area

Walt_K — Thu, 02 May 2013 13:58:09 GMT

I would think it is definitely an asset if it is a whole life policy with cash value. I wouldn't think term would be an asset.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 13:59:18 GMT

I'll post their reply, once I get it. Standard "we'll get back to you in twenty four hours...."

Re: Amex app grey area

djrez4 — Thu, 02 May 2013 14:05:02 GMT

Try tweeting your question to @AskAmex. They generally respond within 10-15 minutes.

Re: Amex app grey area

jsucool76 — Thu, 02 May 2013 14:07:32 GMT

I just finished accounting 2 this semester... So im clearly an accounting genius xD (not really you can probably disregard anything i say) but..

I would definitely say its an asset, especially if it is one of the policies you can "borrow" from. Definitely would count it as an asset if you're filling out a joint app with your spouse, since if you're gone first that money is theirs.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 14:11:18 GMT

...my daughter says I'm too old to "tweet."

Re: Amex app grey area

djrez4 — Thu, 02 May 2013 14:13:36 GMT

@Burned2manybridgesB4 wrote:
...my daughter says I'm too old to "tweet."

How embarrassing. Don't tell her about it.

Re: Amex app grey area

Burned2manybridgesB4 — Thu, 02 May 2013 14:15:04 GMT

I had to ask her how to do it...I KNOW I'm too old for tweeting.

...at least I can tell youngsters how to set the VCR clock.

Re: Amex app grey area

Walt_K — Thu, 02 May 2013 14:28:53 GMT

@jsucool76 wrote:
I just finished accounting 2 this semester... So im clearly an accounting genius xD (not really you can probably disregard anything i say) but..

I would definitely say its an asset, especially if it is one of the policies you can "borrow" from. Definitely would count it as an asset if you're filling out a joint app with your spouse, since if you're gone first that money is theirs.

Only if you die within the term of the policy. I still would be pretty surprised if term life is considered an asset.

Re: Amex app grey area

Revelate — Thu, 02 May 2013 14:36:42 GMT

@Walt_K wrote:
@jsucool76 wrote:
I just finished accounting 2 this semester... So im clearly an accounting genius xD (not really you can probably disregard anything i say) but..

I would definitely say its an asset, especially if it is one of the policies you can "borrow" from. Definitely would count it as an asset if you're filling out a joint app with your spouse, since if you're gone first that money is theirs.
Only if you die within the term of the policy. I still would be pretty surprised if term life is considered an asset.

I don't think it has any immediate liquid value, so I suspect you're right. I'm admittedly not hip to life insurance .

Re: Amex app grey area

jsucool76 — Thu, 02 May 2013 15:17:02 GMT

Term life insurance is a rip off anyways. XD

Re: Amex app grey area

navigatethis12 — Thu, 02 May 2013 15:19:17 GMT

@Burned2manybridgesB4 wrote:
I had to ask her how to do it...I KNOW I'm too old for tweeting.

...at least I can tell youngsters how to set the VCR clock.

VCR?