Can the IRS attach a payment onto a Life Insurance Policy
I am presently getting back taxes taken care of, working with a firm dealing in such matters. IF I would pass away prior to the finalization of having to pay any taxes at all, can the IRS attach anything, if owed, on to a Life Insurance Policy that names my significant other and an ex-wife as beneficiary
1 Answer from Attorneys
Re: Can the IRS attach a payment onto a Life Insurance Policy
Generally speaking, no. A life insurance policy is nothing more than a contract which is payable upon death. Thus, for instance, insurance policies escape estate tax.
However, the issue you may wish to explore would be your wife's culpability in the eyes of the IRS. Moreover, does the life insurance carry a cash value to it??
Please feel free to email me for a more comprehensive response - [email protected]
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