When tragedy strikes, the financial obligations surrounding the event are the last thing anyone wants to be bothered with. So let us share this burden with you; here are some guides to get you started.
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Usually, no. The proceeds of life insurance policies would not be taxable income unless the recipient paid for the right to receive them.
If the asset is held jointly, the right of survivorship will transfer by law to the joint holder. For example, insurance policies or retirement accounts with a designated successor will go to that successor. Assets owned solely by the deceased person will transfer according to state law. This law is known as intestacy. These laws vary with the state but generally give inclination to the spouse and children.
Information presented on this website is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from a qualified professional.
