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 the beneficiaries of the policy tax free. There are exceptions for business scenarios where the proceeds are subject to the AMT and estates that are larger than the unified credit or resident state exemptions. Consult your tax attorney for specifics in your state.
    Answered on September 7, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Life insurance proceeds in Missouri are not subject to income tax when the beneficiary of the policy is not the estate. When the beneficiary is the estate (due to being named as the estate, or by default because there are no living beneficiaries on the policy), the proceeds will go through probate and incur income taxes.
    Answered on September 8, 2013
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