Legal Question in Wills and Trusts in New York
Are life insurance policies, paid for with after tax money,still part of the overall estate
Asked on 2/15/12, 10:14 am
3 Answers from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
The inclusion in a decedent's estate of the proceeds of a policy on the decedent's life depends upon the ownership of the policy. If the decedent was the owner at his date of death, the value of the policy is included in his overall estate. However, the proceeds are not income to the beneficiary.
Answered on 2/15/12, 1:31 pm
Arnold Nager
Arnold H. Nager, Esquire
Walter Levine's answer is spot on.
Answered on 2/15/12, 1:59 pm
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