Life insurance payout
My mother recently died and left me as beneciary of 2 life insurance policies. How do I handle the taxes, if any, that need to be paid after the policies have been paid out.
Asked on 3/19/06, 10:51 pm
1 Answer from Attorneys
Re: Life insurance payout
The death benefit on life insurance policies should not be taxable to the beneficiary. However, have an attorney or tax accountant review the policy and any documents you received that explain the terms of payments in order to be sure.
Good luck to you.
Answered on 3/20/06, 12:11 am
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