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Old 03-09-2013, 07:56 AM   #54
ColoradoDarin
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Join Date: Aug 2005
Location: Unsettled, NC
Posts: 7,526

Adopt-a-Bronco:
T J Ward
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Quote:
Originally Posted by broncogary View Post
I said they were estate taxable, in other words, proceeds from life insurance on policies owned by the decedent are included in the gross taxable of someone who dies.
Yeah, it's so difficult to create an irrevocable life insurance trust to be set up as the "owner" of the policy and thus, not be subject to any estate tax (and yet, BH makes money on the added level of complexity) and no, not getting into gifts taxes or lump sum vs installments, but hey BH can make money off of making sure those are dealt with correctly too!

This is why I said "generally" and am just using common phraseology.

GENERALLY speaking, life insurance proceeds are not subject to taxes.
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