Legal Question in Wills and Trusts in Florida
Upon my death, will the life insurance policy death payments to my chidren be included in my taxable estate total ?
Asked on 7/23/10, 4:49 pm
2 Answers from Attorneys
David Labovitz
Labovitz Law Firm, P.A.
Yes. The value of the policy is counted toward the total of your estate for estate tax purposes.
Answered on 7/23/10, 8:42 pm
Yes after 2010. However, if you gift the interest in the policy before your death, the gift is equal to the cash surrender value, not the face value, which should be much smaller. The gift is complete when you give up all incidents of ownership.
If your death was unfortunately this year, there is no federal estate taxes, so the answer would be no.
Answered on 7/24/10, 4:33 am
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