Is A Life Insurance Policy Part Of An Estate?

  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
    With the general exception of life insurance owned by a Irrevocable Life Insurance Trust, life insurance proceeds become part of the estate. This in and of itself may or may not be an issue depending on the size of the total estate assets. If the assets are below the unified credit there shouldn't be any taxes on the life insurance proceeds.
    Answered on August 4, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    When you are figuring the value of your estate, accountants do not usually include the death benefit of a life insurance policy in the value of the estate. They do include the cash value of any policies you own in the value of your estate. Upon death, life insurance proceeds are also included in the estate if you have incidences of ownership in the policy.
    Answered on August 4, 2013
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