1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Life insurance proceeds generally pass to the beneficiaries of the policy tax free. However, the proceeds still may be subject to federal and estate taxation depending on the total assets as they relate to the federal unified credit and the state of domicile exemption. Before purchasing and assigning policy ownership, check with an estate attorney for guidance.
    Answered on August 7, 2013
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