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I am looking for clarification. It seems that if I die and
I am looking for clarification. It seems that if I die and my life insurance pays out to my beneficiaries, that I would be taxed on the life insurance amount. It seems quite illogical. Is this correct… read more
Rama-CPA
Rama-CPA
President
Bachelor's Degree
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I have gift and inheritance tax related questions. My wife
My wife is the beneficiary on a life insurance policy that will be paying her somewhere between $170,000-$430,000 depending on whether the death is deemed covered accidental death or not. The policy had loans out against it by the policy holder and the insurance company said that may trigger withholding taxes and recommended we put 28% of the inheritance away until tax time. Would that apply or would the pay out be still considered a normal life insurance disbursement? How does the policy holder having loans against effect our taxes? Our plan was to pay off her parent's house and then give the remaining balance to her mother. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
I have gift and inheritance tax related questions. My wife
Second opinion] I have gift and inheritance tax related questions … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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Estate Planning the amount one can shelter from inheritance
Estate Planningthe amount one can shelter from inheritance take inn PA i think is 11.18 million each. If there is no tax, why would anyone buy life Insjurance to shelter Fed tax?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
I would like to understand the tax implications on Life
I would like to understand the tax implications on Life Insurance proceeds as well as the IRS gift tax. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
I am the personal rep for the small estates of both my late
I am the personal rep for the small estates of both my late mother and father, who passed away last year in that order. I opened bank accounts using EIN numbers in the name of the estate of each of my… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
I have a couple of questions about estate taxes in the US. My
I have a couple of questions about estate taxes in the US. My husband is a dual Canadian-US citizen (born there, lived there for 3 months). He files tax returns and his dreaded FBARS and is exempted f… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
My parents received life insurance death benefits from my brothers
My parents received life insurance death benefits from my brother's passing. One of the checks they received was deposited directly into my checking account. Is this considered a gift? If so, what is … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
26,420 satisfied customers
My parents passed away in 2011. I and two siblings shared equally
My parents passed away in 2011. I and two siblings shared equally in a inheritance of my parents estate. I was left with a CD and a IRA of which a total of $2600 was given to me as a RMD. Also a life … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
Our mother died in 2010 and left us 500,000 dollars and also
Our mother died in 2010 and left us 500,000 dollars and also a life insurance policy of 150,000 dollars. We are both retired and we are trying to figure out approximatly what our tax obligation will b… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
My mother is on Medicaid since April 1st 2010, and will pass
My mother is on Medicaid since April 1st 2010, and will pass away shortly and my father has 3 more weeks to spend down. My father owns his house, car, and has $3,800 monthly income through pension and… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
I have heard of an estate management method where a person
I have heard of an estate management method where a person buys a Universal life insurance policy with a lot of cash (e.g. uses $9 million in cash to buy a $10 million policy) and uses the tax exempti… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
How do I avoid or reduce paying taxes as the beneficiary (two
How do I avoid or reduce paying taxes as the beneficiary (two $500k policies - I'm 100% beneficiary of one of the policies and 70% beneficiary of the 2nd; my brother receives the other 30% and my fath… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
245 satisfied customers
My sister owned a $60,000.00 life insurance policy. In May
My sister owned a $60,000.00 life insurance policy. In May 2009 she changed the beneficiary (with her husband's approval) to me and then on August 25, she changed the owner of the policy from herself … read more
Merlo
Merlo
Tax Consultant
560 satisfied customers
I recently had two parents pass away and im the executor of
I recently had two parents pass away and i'm the executor of the will. The estate has a home, property, 401k, annuities, life ins and everythning is being turned over to me to split with my sister and… read more
Bill
Bill
Master's Degree
3,255 satisfied customers
There are two beneficiaries of a life insurance trust, the
There are two beneficiaries of a life insurance trust, the son of the donor and grand daughter of the donor. Life insurance premiums were paid by the donor in 1997 in the amount of 83,520. How much sh… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
My parents passed away and left myself and 2 other siblings ...
My parents passed away and left myself and 2 other siblings money. I received 1/3 of two small insurance policies and the house had already been sold before their death and my brother took care of all… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,770 satisfied customers
i have just learned that i am very close to inherenting ...
i have just learned that i am very close to inherenting apx. 2.5 million dollars. this is supposed to be given to me by my girlfriends mother and in a single check made out to both of us. what is my t… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
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