Life Ins. ownership and tax

[Maxthedevil]

What is the name of your state? CA

I am the beneficiary, father is the insured, mother is the policy owner (outside of our their trust). Upon my fathers death does the money come to me without taxes or it included in my fathers estate??

Thanks for any help........

 

[Dandy Don]

Unless the face value of the policy is in the millions, there will probably be no tax consequences for you, but you can consult a local CPA or tax accountant to get that question answered. Since the check comes directly to you it will not be considered part of your father's estate.

DANDY DON IN OKLAHOMA ([email protected])