Life insurance is generally not subject to income tax when received (exceptions apply). But the proceeds are generally included in the gross estate, and thus subject to estate tax, unless there’s specific planning in place. You’ll need to work with your own advisors on your specific circumstances.
Isn't life insurance death benefit not taxable?
Life insurance is generally not subject to income tax when received (exceptions apply). But the proceeds are generally included in the gross estate, and thus subject to estate tax, unless there’s specific planning in place. You’ll need to work with your own advisors on your specific circumstances.