1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Yes, the person who owned the policy and left life insurance will have the proceeds of the life insurance counted as part of the estate upon death. If the amount of the total estate is low enough (this year, under $5,250,000), estate taxes should not have to be paid. If you have a large estate, you can possibly transfer ownership of your policy to an Irrevocable Life Insurance Trust. Talk to a tax attorney and your life insurance agent to discuss whether this is a good idea for you.
    Answered on August 13, 2013
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