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Estate Taxation of Life Insurance

The Apportionment Rules: Who Pays the Estate Tax on Life Insurance Proceeds?

The Apportionment Rules: Who Pays the Estate Tax on Life Insurance Proceeds?

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

This is an extremely important issue that is often overlooked or that falls between the cracks of an otherwise good … Read more

The Unlimited Estate Tax Charitable Deduction, Section 2055

The Unlimited Estate Tax Charitable Deduction, Section 2055

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

An unlimited charitable deduction is allowed for the net amount of life insurance proceeds included in the insured’s estate if … Read more

Our Experts Explain the Estate Tax Marital Deduction, Section 2056

Our Experts Explain the Estate Tax Marital Deduction, Section 2056

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

An unlimited deduction is allowed for property includable in the gross estate that passes in a qualifying manner to the … Read more

Inclusion of LIfe Insurance in Retirement Plans

Inclusion of Life Insurance in Retirement Plans

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

At one time, Code section 2039(c) provided an unlimited exclusion for the amount distributed at a participant’s death from a … Read more

Life Insurance Receivable by Beneficiaries Other than the Insured's Estate: Section 2042(2) Explained

Life Insurance Receivable by Beneficiaries Other than the Insured’s Estate: Section 2042(2) Explained

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

If, at the insured’s death, any incidents of ownership in a policy on his life were held by the insured, … Read more

Life Insurance Proceeds Payable to an Insured's Estate: Section 2042 Explained

Life Insurance Proceeds Payable to an Insured’s Estate: Section 2042 Explained

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

Insurance Payable Directly to Estate Regardless of who purchased the policy, owned the incidents of ownership, or paid premiums, if … Read more

Incident of Ownership within Three Years of Death: Section 2035 Explained

Incident of Ownership within Three Years of Death: Section 2035 Explained

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

Code section 2035 is entitled “Adjustments for certain gifts made within three years of decedent’s death.” The statute states that … Read more

Life Insurance Owned on the LIfe of Another: Section 2033 Explained

Life Insurance Owned on the LIfe of Another: Section 2033 Explained

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

There are many situations in which one party purchases life insurance on the life of one or more other individuals. … Read more

The Definition of Life Insurance for Estate Tax Purposes

The Definition of Life Insurance for Estate Tax Purposes

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

Life insurance is a very broadly defined term for estate tax purposes. In its simplest definition, it is a contract … Read more

7 Ways in Which LIfe Insurance Will be Included in Your Estate

7 Ways in Which LIfe Insurance Will be Included in Your Estate

October 12, 2022 by STEPHAN R. LEIMBERG & KEITH A. BLOCK, J.D., LLM, CLU, FLMI

Any one of seven reasons can cause life insurance to be includable in a decedent’s gross estate. (Note that in … Read more

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8205 S Cass Ave, Suite 102 Darien, IL 60561, USA.

Copyright ©1984-2023 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #1746830. CA under agency #0827712 dba Quotes for Life Insurance Agency, LA agency #205078 dba Life Quotes Inc, UT agency #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.

Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states and may include those issued by: Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states and may include those issued by: American Family Life Insurance Company, Madison, WI; American General Life Insurance Company, Houston, TX and The United States Life Insurance Company in the City of New York, NY, both AIG companies; American National Insurance Company, Galveston, TX; American National Insurance Company of New York, Glenmont, NY; Assurity Life Insurance Company, Omaha, NE and Assurity Life Insurance Company of New York, Albany, NY; Banner Life Insurance Company, Frederick, MD, and William Penn Life Insurance Company, Garden City, NY, both Legal & General America companies; Boston Mutual Life Insurance Company of Boston, MA; Columbian Life Insurance Company, Chicago, IL and Columbian Mutual Life Insurance Company, Binghamton, NY, both members of Columbian Financial Group of Binghamton, NY; Fidelity Life Association, A Legal Reserve Life Insurance Company, Oak Brook, IL; Globe Life Insurance Company of New York, Syracuse, NY; Gerber Life Insurance Company, White Plains, NY; Globe Life and Accidental Insurance Company, Omaha, NE, a holding company of Torchmark Corporation, McKinney, TX; Foresters Financial, Buffalo, NY; John Hancock Life Insurance Company (USA), Boston, MA; Lafayette Life Insurance Company, Cincinnati, OH; Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY and The Lincoln National Life Insurance Company, Fort Wayne, IN, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; Minnesota Life Insurance Company of St. Paul, MN and Securian Life Insurance Company of St. Paul MN, both part of the Securian Life Insurance Company of St. Paul MN; Mutual of Omaha Insurance Company, Omaha, NE, United of Omaha Life Insurance Company, Omaha, NE, and Companion Life Insurance Company, Hauppauge, NY all Mutual of Omaha affiliate companies; North American Company for Life & Health Insurance, West Des Moines, IA; Pacific Life Insurance Company, Omaha, NE; Penn Mutual Life Insurance Company, Horsham, PA; Principal Life Insurance Company, Des Moines, IA; Protective Life Insurance Company and Protective Life and Annuity Insurance Company, Birmingham, AL; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc., Newark, NJ; Sagicor Life Insurance Company off Austin, TX a member of the Sagicor Financial Corporation of Austin, TX; The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, MA and Centrian Life Insurance, Woburn, MA (SBLI and The No Nonsense Life Insurance Company are registered trademarks of The Savings Bank Mutual Life Insurance Company of Massachusetts, which is in no way affiliated with SBLI USA Mutual Life Insurance Company, Inc.); Transamerica Financial Life Insurance Company, Harrison, NY, and Transamerica Life Insurance Company, Cedar Rapids, IA, both AEGON companies; United American Insurance Company, McKinney, TX.

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