When Is Life Insurance Included In The Gross Estate?

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   David RacichPRO

   Fountain Hills, Arizona

   In general terms, life insurance proceeds are included in the estate when owned personally. This may or may not present a problem depending upon the exemption in the state of residency. The federal unified credit is over 5 million for an individual. But if federal or state transfer taxes are a concern, you may consider an irrevocable life insurance trust as your policy owner. Consult an attorney before assigning or changing ownership of personal property.  
    

   Answered on July 18, 2013

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