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	<title>New answer on: Does Life Insurance Money Get Taxed?</title>

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		<title>By: Peggy Mace</title>

		<link>https://insurancelibrary.com/life-insurance/does-life-insurance-money-get-taxed</link>

		<dc:creator>Peggy Mace</dc:creator>

		<pubDate>Mon, 04 Nov 2013 19:45:05 +0000</pubDate>

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		<description><![CDATA[If life insurance money is left to the estate of the person who died, the money can be taxed. If there is no beneficiary, or the beneficiaries are deceased, the money may also go to the estate, where it will be subject to taxes. 

If the life insurance benefit is left to a stated beneficiary who is a person or entity, income tax will generally not be charged. Estate taxes do apply for amounts beyond the exemption. Contact a tax attorney for exceptions and more detail.]]></description>

		

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		<title>By: Jerry Vanderzanden, CLU, ChFC</title>

		<link>https://insurancelibrary.com/life-insurance/does-life-insurance-money-get-taxed</link>

		<dc:creator>Jerry Vanderzanden, CLU, ChFC</dc:creator>

		<pubDate>Fri, 12 Apr 2013 17:54:29 +0000</pubDate>

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		<description><![CDATA[For personally-owned policies, life insurance death benefits paid in a lump sum to the beneficiary are received income tax free - a unique and important benefit.

If the beneficiary is a business and that business owned the policy, the business is generally not subject to the regular corporate federal income tax on the death proceeds provided special requirements are satisfied for policies issued or materially modified since August 17, 2006).

Policy cash values grow tax-deferred. If the policy is fully surrendered for its cash value, the amount in excess of basis (premiums paid less withdrawals taken) is gain and would be income taxable to the policyowner.

This is a high level, general overview for insurance planning purposes and may not be used as tax advice. For tax advice you should seek the services of a tax professional.]]></description>

		

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