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In tough economic times, people are sometimes left scrambling for cash to meet everyday expenses and lifestyle demands.
"Income" includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in sections 5812.18 to 5812.38 of the Revised Code.
(E) "Income beneficiary" means a person to whom net income of a trust is or may be payable.
The taxation of life settlements is complicated: The general treatment is that gain in excess of your basis in the policy is taxed to you as ordinary income.
Be sure you get expert tax advice before signing over your policy.
The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.