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No federal tax unless the payment is over $2 million dollars, since there is currently a $2 million exemption. You will have to check with a local tax accountant or CPA to see if state taxes apply.
No federal tax unless the payment is over $2 million dollars, since there is currently a $2 million exemption. You will have to check with a local tax accountant or CPA to see if state taxes apply.
The $2 million credit applies to the entire taxable estate, not just life insurance proceeds. And life insurance proceeds are only included in the taxable estate if the deceased was the policy owner. (Or, more technically, retained any of the "incidents of ownership.")
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