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taxes on life insurance

DO BENEFICIARIES PAY TAXES ON LIFE INSURANCE?

Lately, we have been asked about taxes and life insurance. Specifically whether or not beneficiaries of a life insurance policy have to pay income taxes on that money, or whether the estate has to pay taxes on it. The simple answer is, usually, no. However, there can be nuances involved. For example, taxes can depend on how the life policy is owned, or how the beneficiary is identified. Because of this, we thought we would share this informative article.

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P.S. Give the office a call and ask about our Tax Free Green Line Webinars. These informative webinars are offered at no cost to you!

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