Legal Question in Insurance Law in California
proceeds from life insurance policy
are proceeds from a life insurance policy paid to the beneficiary after death of the insured taxable in any way to the beneficiary?
Asked on 3/12/09, 4:45 pm
1 Answer from Attorneys
Steven Murray
Steven W. Murray, APC
Re: proceeds from life insurance policy
Generally, no income tax. Only an estate tax might be applicable, but that is only in larger estates. Speak to your accountant if this is other than a straight payment of life insurance (i.e., key man insurance in a partnership buyout on death, etc.)
Answered on 3/17/09, 11:17 am
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