Legal Question in Wills and Trusts in Texas

Is Life Insurance Benefit Taxable?

My father left two life insurance policies worth $25,000 total with me named as the beneficiary. His intention was that I split the money four ways (with my three siblings), which I intend to do after I receive the checks. Am I liable to pay income tax on the $25,000?


Asked on 4/20/05, 10:44 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Is Life Insurance Benefit Taxable?

No. Life Insurance payments are excluded from your gross income.

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Answered on 4/20/05, 1:20 pm


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